French media group Lagardere has raised $3 billion from the sale of its 7.4 percent stake in Europe's top aircraft maker EADS.
Lagardere's sale of its EADS stake marks the start of a long-anticipated overhaul in the ownership of the Airbus company with German carmaker Daimler expected to follow Lagardere's exit from EADS.
This development will give the aerospace group a chance to have a larger free-market float with combined government stakes limited at 28 percent, according to observers.
Lagardere, which owns book publisher Hachette and magazines like Elle and Paris Match, plans to use the sale proceeds for payment of debts and return cash to stockholders.
According to Societe Generale, the global coordinator and bookrunner of the sale, said 61.1 million EADS shares at 37.35 euros per share were placed.
Lagardere had mandated Societe Generale and Bank of America-Merrill Lynch to manage the sale.
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