ACE to sell Air Canada; Lagardere to sell EADS stake

Victoria
By Victoria November 15, 2012 22:32

ACE to sell Air Canada; Lagardere to sell EADS stake

ACE Aviation Holdings has sold 31 million shares of Air Canada and 2.5 million warrants to purchase Air Canada shares at exercise prices of $1.51 (1.25 million warrants) and $1.44 (1.25 million warrants) to Cormark Securities for total net proceeds to ACE of approximately $58 million. As a result, ACE no longer holds any shares or warrants in the capital of Air Canada.

Meanwhile, Lagardere has declared that it will sell its 7.41% stake in Airbus parent company EADS by next year. Chief executive of the company Arnaud Lagardere, who is also chairman of the EADS board of directors, has stated that the time is right for the sale and that the group now had “a more precise agenda in mind”.
Lagardere said: “The [EADS] stock is doing well, so this is a good opportunity for us. It is the right moment.” He said the company would use the cash partly to reward shareholders, partly to de-leverage the company, and partly for “some minor acquisitions.”

Victoria
By Victoria November 15, 2012 22:32
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