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01 July 2006
Company

Ad-hoc release, 2 July 2006. EADS confirms price determination for BAE Systems' stake in Airbus

Amsterdam

  • Independent expert fixes price to be paid by EADS at € 2.75 billion
  • EADS will pay in cash

The investment bank Rothschild has determined on Sunday, 2 July 2006, that the price to be paid by EADS for BAE Systems’ 20 percent stake in Airbus is € 2.75 billion. In accordance with the Airbus Shareholders’ Agreement, Rothschild was appointed by EADS and BAE Systems to determine the price in the absence of an agreement between the two parties.

The price determination marks a significant milestone in the Put Option process. The transaction remains subject to BAE Systems’ shareholder approval.

BAE Systems exercised its Put Option regarding its stake in Airbus on 7 June 2006. The Airbus Shareholders’ Agreement allows EADS to pay the purchase price in cash and/or in EADS shares. The EADS Board of Directors has decided to pay the purchase price in cash.

The price determined by Rothschild refers to BAE Systems’ shareholding in Airbus. On 30 June 2006, Airbus had paid a dividend of € 129 million to BAE Systems. Some € 1.2 billion of Airbus’ cash is currently on loan to BAE Systems which is repayable at closing.

Airbus UK will remain as a participating employer in the BAE Systems Pension Schemes, and will continue to benefit from a cap on employer contributions until July 2011. Future pension options will also be considered with a view to finding the most appropriate solution for Airbus UK and its employees.

Further steps will be communicated if and when appropriate.

Contact:

Michael HaugerEADS
Tel.: +49 89 60 73 42 35

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