1 December 2012

Restructuring of EADS N.V. Shareholder Pact

The German State and the French State, together with the European Aeronautic Defence and Space Company (EADS) N.V. and its other large shareholders Daimler, Lagardère and SEPI have agreed to comprehensively restructure the existing shareholder pact relating to EADS N.V., and to allow numerous share transactions to occur with respect to Dutch company EADS N.V. De Brauw has advised the German State on this restructuring.

Daimler and Lagardère intend to substantially reduce their shareholdings. The German State, acting through its investment arm KfW, will acquire 12% of the shares in EADS N.V. Pursuant to the agreements the free float in EADS will eventually increase from roughly 50% to approximately 70%. The current shareholder pact will be replaced by a new arrangement between the German, French and Spanish governments. The contractual documentation is subject to Dutch law.

The market cap of EADS is approximately EUR 21 billion. The various agreed transactions (relating to approximately 20% of the share capital) have a value of approximately EUR 4.2 billion. In the meantime, as part of the agreed transactions, Daimler has sold an indirect 7.5% share interest for EUR 1.7 billion.

De Brauw  worked together closely with Freshfields Amsterdam, acting for KfW, and Gleiss Lutz, which, together with De Brauw, acted for the German State.

Team: Paul Cronheim, Jan Willem Hoevers, Ferdinand Hengst, Marthe Vehmeijer, Christopher Parker, Natascha Schreuder, Martin van Olffen, Deline Kruitbosch and Myrtle Grondhuis ​

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