Airbus’s 25 March move to sell off its shareholding in Dassault Aviation has completed, with buyers taking up the full over-allotment option – lifting the total number of shares sold to 1.73 million, worth some €1.76 billion.
The over-allotment added 220,000 shares, priced at €1,030 per share, to the original 1.61 million – leaving Airbus Group’s holding in Dassault at about 23.36%. Of the 1.61 million, 5% were bought by Dassault itself for €980 each and the rest went to institutional investors at €1,030.
This was the second tranche of shares sold off by Airbus, which intends to exit its longstanding position as holder of 46% of Dassault, a legacy of a failed Francois Mitterand-era attempt to nationalise the French maker of Rafale fighters and Falcon business jets.
Parent company Groupe Dassault, which also owns software house Dassault Systemes among other businesses, now commands around 55% of the company, with Dassault Aviation itself holding more than 5%. Dassault has welcomed the increase in free-floating shares, which had historically been less than 2% but now stands at around 15%.
Ultimately, Airbus may conclude its divestment from Dassault this year, through it has agreed a 180-day lock-up for its remaining shares. If Dassault does not take part in further Airbus sell-offs – and if the French government continues to waive its right of first refusal – the free-float could rise to around 39%.
Airbus management and investors have been keen to exit the Dassault holding, which had come to be seen as pointlessly tying up some €4 billion.
Source: FlightGlobal.com
