Stuttgart, April 17, 2013
Daimler successfully places 7.5 percent of EADS shares
Daimler AG sold 61.1 million shares in EADS to international investors by way of the offering announced yesterday. The selling price of the placement is 37.0 Euros per share. Demand from institutional investors was strong.
EADS acquired 16 million shares worth 600 million Euros in the offering as part of its pre-announced share repurchase programme.
"We have concluded a very successful transaction, enabling us to fully participate in the positive development of the EADS share price. The proceeds from this sale are contributing positively to our free Cash Flow this year and in addition to the earnings from our ongoing businesses, will also support our policy of stable dividends”, stated Bodo Uebber, Member of Daimler’s Board of Management for Finance & Controlling and Financial Services.
Daimler received gross proceeds of about 2.2 billion Euros from the offering and, following the offering, does not hold any residual shares in EADS. However, as announced yesterday, Daimler has entered into a cash-settled contract with both Goldman Sachs and Morgan Stanley which will allow Daimler to retain certain upside participation in the EADS stock prior to year end. Goldman Sachs and Morgan Stanley, as counterparties to this contract, were in total allocated 8 million shares in the offering to establish their hedge position.
Daimler will give an update regarding the valuation of its EADS-related transactions as part of its regular financial reporting for the second quarter, scheduled for July 24, 2013.