Lagardere exits EADS

Apr 09, 2013, 7:55 AM EDT
Arnaud Lagardere (R), outgoing EADS chairman, meets with Manfred Bischoff, candidate EADS board member, ahead of an Extraordinary General Meeting in Amsterdam March 27, 2013.
REUTERS/Toussaint Kluiters/United Photos

French media group Lagardere has sold its 7.4% stake in Airbus parent EADS, kicking off a long-expected overhaul in the ownership of Europe's top aircraft maker. Lagardere raised €2.3 billion ($3 billion) through the sale, with EADS spending €500 million to buy 1.6% of its own shares and the remainder of the shares sold in the market at €37.35 euros apiece, the bottom of the expected range of €37.35-37.95 euros, and a 3.55 discount to Monday's closing price of €38.71.