EADS is selling its 10% stake in Russian airframer NPK Irkut, a deal that will leave the Airbus parent without an ownership stake in Russia's aviation industry until at least 2010.
Irkut is being subsumed into the Sukhoi-dominated OAK conglomerate as part of a government move to consolidate and revive the country's aerospace industry.
According to EADS's Russia chief Vadim Vlasov, EADS supports the OAK consolidation process and intends to reinvest the money raised from the Irkut sale in OAK.
However, EADS is understood to be unwilling to make that investment until OAK shares are tradable, which will not come before an initial public offering scheduled for 2010 at the earliest.
Russian media reports value EADS Irkut stake at Rb1.87 billion ($79 million) when it was purchased in December 2005 and Rb2.18-2.2 billion now.
EADS Irkut
Source: Flight International
