- European aircraft maker is disposing of a 23.6% stake
- Stake will be exited through share sale, exchangeable bond
The shares are being offered for 920 euros to 950 euros each, a discount to their market price. Orders below 950 euros may not get any stock, according to terms sent to investors. The books will close at 8 p.m. London time Thursday. Dassault Aviation shares rose 0.3 percent to 970 euros in Paris trading, giving Airbus’s entire stake a market value of 2.1 billion euros ($2.4 billion).
Airbus began cutting its stake of about 46 percent in family-controlled Dassault in 2014, reducing the holding it inherited more than a decade ago. Airbus had never reaped synergies by working with Dassault, which makes Rafale warplanes and Falcon business jets, keeping the shares only as a financial investment.
Bank of America Corp., BNP Paribas SA, Deutsche Bank AG, Goldman Sachs Group Inc. and JP Morgan Chase & Co. are managing the sale. Rothschild & Co. is acting as Airbus’s financial adviser on the deal.