Julian Moxon/PARIS
Dassault Aviation says its future within the new European Aeronautics, Defense and Space Company (EADS) will be decided "when our shareholders are ready". DaimlerChrysler Aerospace's (Dasa's) merger with one of its two major shareholders, Aerospatiale Matra, creates conditions in which it could reassert its independence, Dassault says.
Following the creation of EADS, the new company will have major stakes in Dassault, with its Rafale fighter, and - via Dasa and Spain's CASA, with which the German company is also merging - in the rival Eurofighter project.
Clauses in the shareholders' pact defining the December 1998 handover of the French Government's 45.76% stake in Dassault Aviation to Aerospatiale Matra provide "rights of pre-emption" for the French airframer and the other major shareholder, Dassault Industries, which has a 49.9% stake.
One clause in the protocol says Dassault Industries would enjoy such a right following any operation - mergers included - restructuring either of the shareholders. Further clauses leave little doubt that, on paper at least, Serge Dassault could recover total control of his company. Dassault Aviation vice-president, finance, Charles Edelsteene, says: "Our principal shareholder has plenty of time to reflect before deciding."
Any such move could, however, leave Dassault Aviation isolated in the European restructuring process, and possibly vulnerable - although its position is in any case complicated by EADS' 44% holding in Eurofighter.
EADS co-director, Philippe Camus, says "there is no plan" to bring Dassault into EADS.
Dassault Aviation has, meanwhile, carried out the de facto separation of its civil and military businesses, despite being blocked from splitting them legally by its strategic committee, which contains Aerospatiale Matra.
Source: Flight International
