Airbus Group to sell its remaining stake in Dassault Aviation

Dino D'Amore
By Dino D'Amore June 10, 2016 19:31

Airbus Group to sell its remaining stake in Dassault Aviation

Airbus Group plans to sell approximately 0.83 million shares that it owns in Dassault Aviation (the “Shares”), representing around 9.05 percent of the share capital, through a private placement by way of an accelerated bookbuilt offering (the Equity Placement).

As part of its share buyback programme, Dassault Aviation intends to purchase 502,282 shares representing around 5.5 percent of Dassault Aviation’s share capital concurrently with the Equity Placement and at the lower of the Equity Placement price and € 980 (the Buyback).

Simultaneously to the Equity Placement, Airbus Group intends to issue bonds due 2021 for a nominal amount of approximately € 1 billion (the Bonds), which will be exchangeable into Dassault Aviation shares at a premium of 35 percent to 40 percent above the Equity Placement price carried out by way of a private placement (the Bond Issue, together with the Equity Placement and the Buyback, the “Transaction”).

With this Transaction, Airbus Group plans to fully dispose of its 23.6 percent stake in Dassault Aviation while retaining upside exposure on the Shares underlying the Bonds. In case of exchange in full of the Bonds or exercise of the Share Redemption Option, Airbus Group will no longer hold any of Dassault Aviation shares and voting rights.

Dino D'Amore
By Dino D'Amore June 10, 2016 19:31