European Commission Grants Conditional Approval To Formation of EADS

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European Commission Grants Conditional Approval To Formation of EADS

More Information:

The European Commission has given conditional approval to the creation of European Aeronautic, Space and Defence Company (EADS) by the merger of DaimlerChrysler Aerospace AG (DASA), Aerospatiale-Matra, which is controlled by Lagardere and the French government, and SEPI’s Construcciones Aeronauticas SA (CASA).

The European Commission approval is subject to the establishment of an alternate independent supply source for central tubes and antenna reflectors carbon fiber composite parts used in telecommunications satellites. Aerospatiale Matra, DASA and CASA have undertaken steps to provide related and necessary equipment together with adequate support so that suitable purchasers can design and manufacture such composite structures.

The establishment of the new company and the initial public offering are planned to take place simultaneously this summer. EADS is to be headquartered in the Netherlands, with 96,000 employees spread across the continent. EADS' stakes will include 75.5 percent of Astrium, 26.6 percent of Arianespace, 100 percent of the Eurocopter program, 62.5 percent of the Eurofighter program, 45.8 percent of Dassault Aviation, and 80 percent of Airbus.

Approvals from Aerospatiale Matra and DASA shareholders, as well as a decision from France’s "Commission des Participations et des Transferts" are the last actions remaining before the final establishment of EADS.

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May 15, 2000