EADS Spain Shareholder Seeking Sale of $493 Million Stake
Stichting Administratiekantoor Spanish EADS Shares Warehousing Foundation is selling 9.6 million shares in European Aeronautic, Defence & Space Co. (EADS), according to a term sheet obtained by Bloomberg news.
The stake is being offered at 39.50 euros to 40 euros apiece, after there was demand for all the shares, said two people with knowledge of the matter who asked not to be identified as the information is private. EADS closed at 40.34 euros yesterday, down 1.9 percent.
At the high end of the range, the 1.2 percent stake is worth 384 million euros ($493 million). Bank of America Corp. (BAC) is managing the sale, the terms show.
The sale comes after EADS’s new board appointed Denis Ranque as chairman and backed a 3.75 billion-euro stock buyback. State-owned Spanish industrial holdings company, Sociedad Estatal de Participaciones Industriales, or SEPI, yesterday said it cut its stake in EADS to 4.2 percent from 5.4 percent.
Companies in Europe, the Middle East and Africa have raised $24.2 billion in additional share sales including block trades this year, nearly 40 percent more than they sold in the same period in 2012, Bloomberg data show.
To contact the editor responsible for this story: Jacqueline Simmons at email@example.com