French publishing company Lagardère announced the completion of the sale of its 61 million shares (7.4 percent of the share capital) of aerospace group EADS. The sale raised about $2.97 billion by means of a private placement through accelerated book building with qualified investors, the company said in a statement.
Lagardère's exit was announced last year, though it gave no details on when it would officially withdraw from the company.
According to Reuters, German automobile manufacturer Daimler is also planning to sell its 7.5 percent stake in EADS to the German government allowing the aerospace to have a larger free-market float with government stakes at less than 30 percent.
The exit by Lagardère comes following a recent restructuring announcement by EADS, as the group plans to move its headquarters to Toulouse, France.
Related: EADS Restructuring