EADS chief says no rush to sell off Dassault stake
The head of European aerospace giant EADS said Thursday he was in no rush to sell off its holding in Dassault Aviation as a major shareholder has urged.
"It's not a strategic investment and we will decide on the future when we think it's time to do that, I do not see a terrible urgency to proceed," Enders said at a meeting of the European American Press Club.
Since last month, an activist investment fund, The Children's Investment Fund, has been publicly calling upon EADS to sell off its 46-percent stake in the French aircraft maker, saying it is a poor use of capital.
According to the latest published information, the fund holds around 1 percent of shares in EADS, which is to change its name in January to Airbus after its commercial aircraft unit.
Enders called the stake in Dassault Aviation, which makes the Falcon business jets and Rafale fighter used by the French military, "a very good investment", but noted EADS had inherited it when the company was formed in 2000.
As the stake does not allow EADS to influence Dassault's business strategy the investment is not strategic.
EADS in June signed a 90-year agreement with the French government giving it the first option to buy any shares EADS decides to sell.
© 2013 AFP