Restructuring Of EADS N.V. Shareholder Pact: New Governance Arrangements And Share Transactions With Respect To EADS N.V., With Market Cap Of Approximately EUR 21 Billion
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The German State and the French State, together with the European Aeronautic Defence and Space Company (EADS) N.V. and its other large shareholders Daimler, Lagardère and SEPI have agreed to comprehensively restructure the existing shareholder pact relating to EADS N.V., and to allow numerous share transactions to occur with respect to Dutch company EADS N.V. De Brauw has advised the German State on this restructuring.
The German State and the French State, together with the
European Aeronautic Defence and Space Company (EADS) N.V. and its
other large shareholders Daimler, Lagardère and SEPI have
agreed to comprehensively restructure the existing shareholder pact
relating to EADS N.V., and to allow numerous share transactions to
occur with respect to Dutch company EADS N.V. De Brauw has advised
the German State on this restructuring.
Daimler and Lagardère intend to substantially reduce
their shareholdings. The German State, acting through its
investment arm KfW, will acquire 12% of the shares in EADS N.V.
Pursuant to the agreements the free float in EADS will eventually
increase from roughly 50% to approximately 70%. The current
shareholder pact will be replaced by a new arrangement between the
German, French and Spanish governments. The contractual
documentation is subject to Dutch law.
The market cap of EADS is approximately EUR 21 billion. The
various agreed transactions (relating to approximately 20% of the
share capital) have a value of approximately EUR 4.2 billion. In
the meantime, as part of the agreed transactions, Daimler has sold
an indirect 7.5% share interest for EUR 1.7 billion.
De Brauw worked together closely with Freshfields
Amsterdam, acting for KfW, and Gleiss Lutz, which, together with De
Brauw, acted for the German State.
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