GO
Loading...

Enter multiple symbols separated by commas

EADS Seeks Stake in Russian Aviation Giant UAC

European aerospace firm EADS said it would seek to acquire a stake in a giant Russian state aircraft holding, known as the United Aviation Corporation, by swapping its stake in warplane maker Irkut.

Airbus co-chief executive Tom Enders told reporters at a news conference at the MAKS-2007 airshow that the swap could be agreed within the next couple of months or by the end of the year.

United Aviation Corporation, known as UAC in Russia, was created by President Vladimir Putin last year as a way to revive Russia's once mightly aviation sector.

"As far as the Irkut share is concerned, this is an ongoing process, ongoing because of the creation of the UAC," Enders told reporters at the show in Zhukovsky, east of Moscow.

"Provided we get, let me put it that way, our fair value, we would prefer to swap it and become a shareholder of UAC."

EADS has a stake of about 10 percent in Irkut, which helps make Russia's flagship Sukhoi fighter jets.

Enders said no Russian companies or investors had shown an interest in buying a stake in the plants it aims to sell in Europe. "There is no interest from Russian investors," he said.

Last year Russia took a 5 percent stake in EADS and also has a five percent stake in the Airbus A-350 wide body airliner.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • In this frame grab taken from a November 2012 video made available by Paula French, a well-known, protected lion known as Cecil strolls around in Hwange National Park, in Hwange, Zimbabwe.

    The American dentist said he had the correct permits to hunt and kill the lion earlier this month, NBC News reports.

  • Mark Cuban and Donald Trump

    Donald Trump appears to have Mark Cuban's vote, at least in terms of how the billionaire real estate mogul is conducting his political campaign.

  • World cloud Yellen

    CNBC's Big Crunch analyzed every single word from Fed Chair Janet Yellen. Here are the insights from those press conferences.

U.S. Video

  • UPS earnings beat

    UPS turned in a strong quarter sending shares higher, which helped lift the entire transport sector.

  • Luxury companies' China concerns

    As the Chinese stock market pulls back and the economy slows, Chinese consumers are spending a lot less

  • September rate hike slipping

    The great rate debate continues as fewer top Wall Street strategists think the Federal Reserve will hike interest rates in September.