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Wednesday, March 27, 2013

EADS Shareholders Approve Corporate Changes

Shareholders for Airbus parent company EADS approved a proposal to limit government involvement and repurchase up to 15 percent of the company’s outstanding share capital at a maximum price of $64 per share.

The aerospace group first announced its multiparty agreement to “normalize and simplify” its corporate governance in 2012. EADS held a vote for its new governance at its Extraordinary General Meeting on Wednesday.

The new structure will see the French government reduce its stake in EADS from 15 to 12 percent, and the German government will purchase a 12 percent stake in the company previously held by German automobile manufacturer Daimler.

Additionally, shareholders approved the appointment of directors to the future EADS board of directors, including chief executive Tom Enders.

Enders called the new governance changes “an important milestone” for the company whose products include aircraft and components from Airbus, Astrium, Cassidian and EurocopterMore

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