Russia Has No Plans For Hostile Takeover Of EADS

MILPLEX

by Staff Writers
Dresden (RIA Novosti) Oct 11, 2006
Russian President Vladimir Putin said Tuesday Russia has no plans for the hostile takeover of the European Aeronautic Defense and Space Company (EADS) by Russia's energy giant Gazprom. Putin's aide Sergei Prikhodko said in mid-September that he did not rule out the purchase of a blocking stake in EADS, which holds an 80% stake in Airbus, and other assets.

"Gazprom has never had plans for the acquisition of EADS, but one of [Russia's] banks bought a 5% stake in the company," Vladimir Putin said. "We have no plans for a hostile takeover. The bank's deal was due to its strategy on the financial and stock market."

Vneshtorgbank, Russia's state-run foreign trade bank, informed EADS in early September that it acquired 5.02% of its capital.

Putin said Russia's stake in EADS could increase if the sides show interest in the deal on Russia's industrial participation in the European holding.

"If experts decide that [the deal] will benefit the development of the aircraft building industry both in Europe and Russia, a decision will be made to hand this 5% stake, or even more, to our aircraft building corporation," he said.

Putin signed a resolution February 21 on forming the United Aircraft Building Corporation (UABC) that will be a majority state-owned corporation, consolidating aircraft building companies and state assets engaged in the manufacture, design and sale of military, non-military, transport and unmanned aircraft. State-owned fighter jet producer MiG, as well as aviation companies Sukhoi, Tupolev, and Ilyushin will be integrated into the UABC.

Source: RIA Novosti

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