EU approves EADS purchase of remaining Astrium shares
Posted: Mon, May 26, 2003, 2:55 PM ET (1855 GMT)
The European Commission gave its final approval Monday for the European Aeronautic Defense and Space Company (EADS) to purchase the 25 percent of satellite manufacturer Astrium it does not already own. EADS had agreed to purchase the portion of Astrium owned by BAE Systems under an unusual agreement announced in January where both companies agreed to invest 84 million euros (US$100 million) into Astrium. EADS then purchased BAE's stake in Astrium for 84 million euros, giving EADS full control for effectively zero net cash. Regulatory approval of the deal will allow EADS to press ahead with plans to restructure and consolidate its space activities, an effort the company believes will allow it to save 500 million euros (US$590 million) by 2005 and allow EADS's space division to reach breakeven in 2004.
The European Commission gave its final approval Monday for the European Aeronautic Defense and Space Company (EADS) to purchase the 25 percent of satellite manufacturer Astrium it does not already own. EADS had agreed to purchase the portion of Astrium owned by BAE Systems under an unusual agreement announced in January where both companies agreed to invest 84 million euros (US$100 million) into Astrium. EADS then purchased BAE's stake in Astrium for 84 million euros, giving EADS full control for effectively zero net cash. Regulatory approval of the deal will allow EADS to press ahead with plans to restructure and consolidate its space activities, an effort the company believes will allow it to save 500 million euros (US$590 million) by 2005 and allow EADS's space division to reach breakeven in 2004.
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