Vneshtorgbank notified EADS

About becoming a shareholder of the corporation

The European aerospace corporation EADS officially announced that 5.02% of its shares were acquired by the Russian Vneshtorgbank (VTB). As EADS representative Gregor von Kurcel told Vremya Novostey yesterday, last Friday the corporation received a notification about this from VTB itself. According to the company's charter, a shareholder who has acquired a 5% stake in EADS (or more) is required to notify the board of directors about this.

EADS is the largest aerospace holding company in Europe and one of the world's largest. The company controls the Airbus concern, which produces civil and military transport aircraft, the helicopter manufacturing company Eurocopter, and the manufacturer of ATR regional aircraft. It also has a space division, EADS Space, which manufactures satellites and is involved in the production of European Ariane launch vehicles.

Mr. Coursel noted that VTB's ability to manage the company will be limited by the specifics of the EADS charter. The charter provides that the board of directors of EADS is not formed by all shareholders, but only by German and French ones, who together own 52% of the company's shares. These securities are distributed as follows: the German part (22.32% of shares) belongs to the DaimlerChrysler concern, and the French part (29.75%) is divided between the French government (15%) and the Lagardere company (15%). Of Lagardere's stake, 7.5% of EADS shares are currently in the process of being sold in order to increase the free circulation of these securities. Earlier this year, for the same purpose, DaimlerChrysler already sold a stake of the same size - 7.5% of EADS shares. 5.44% of the shares belong to EADS’s “junior strategic partner” - the Spanish state-owned company SEPI, and 42.49% are currently traded on the stock market.

EADS has two chief executive officers (CEOs) and two co-chairs of the board of directors. These posts are assigned on a parity basis to Germany and France.

Mr. Courcelle also said that VTB will not yet be able to demand the convening of a meeting of EADS shareholders. According to the EADS charter, this right is granted to shareholders who own at least 10% of the company's shares. At the same time, he noted that neither the charter nor the legislation of Holland, where EADS is registered, prevents VTB from wanting to increase its stake in EADS by further purchasing them on the free market.

In general, as Mr. Courcelle noted, the change of hands of a five percent stake in the company is not considered by EADS management as an event worthy of special attention. It will not in any way affect the company's policy towards the Russian market. At the same time, Mr. Courcelle admitted that “perhaps the Russian government will treat EADS differently, given the presence of a large Russian bank among the company’s shareholders.”

VTB representatives yesterday chose to refrain from commenting on all issues related to EADS.

Mikhail KUKUSHKIN