Daimler announced it has sold the rest of its stake in Airbus SAS parent EADS for 2.2 billion euro.
The German automaker said that it sold 61.1 million EADS shares, which is about 7.5% of the total, for 37 euro per share, from which EADS purchased 16 million shares for 600 million euro. Ten years ago when EADS was founded Daimler was one of the company’s founding forces. Now the automaker said it chose to exit the company to focus on its auto business, as it lost ground to BWM and Audi in vehicle sales.
“The EADS stake sale secures a stable dividend payment for 2013,” said Sascha Gommel, a Frankfurt-based analyst with Commerzbank. “It’s better for Daimler to invest the money in the company’s core business or to spend it to the benefit of the shareholders in the form of a dividend payment.”
Daimler Chief Financial Officer Bodo Uebber said that the automaker will invest the money in the global growth of Daimler’s divisions and to expand its technological leadership. The automaker will focus mainly on the automotive services and products. Investors in EADS agreed in March to change the shareholder structure, and help Daimler and French publisher Lagardere exit the aerospace company.