EADS’ new governance deal ratified, share buyback on the agenda

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Shareholders of EADS met on 27 March and ratified the new corporate governance deal agreed in December, which will see Paris and Berlin give up veto rights over management decisions at the Airbus and Eurocopter parent and increase the control of ordinary investors by reducing government holdings to below 30%, from nearly half today.

The German government's proxy shareholder, Daimler, has already sold many of its shares to a consortium of German banks and, on the French side, proxy holder Lagardere is seeking a buyer or buyers for its shares.

A new board of directors was also selected, and when it takes control from 2 April will as one of the first items on its agenda consider a share buyback proposal which could see up to 15% of EADS' oustanding shares bought by the company for no less than €50 per share, and then cancelled.