EADS shareholders approved sweeping reforms on Wednesday that weaken the influence of European governments and allow the aerospace giant to pursue its global ambitions unfettered. <\/p>\n
The extraordinary meeting in Amsterdam overwhelmingly adopted 15 proposed amendments in a major easing of state clout in the powerful group that also controls Airbus. <\/p>\n
They notably dissolved a complicated shareholders pact that gave EADS's three founding states -- France, Germany and Spain -- veto rights on strategic decisions and rights to nominate board members. <\/p>\n
Germany in October used the right to block a plan to merge EADS, which is registered in the Netherlands, with British defence company BAE Systems in a move that would have created a global defence and aerospace giant to rival US company Boeing. <\/p>\n
The amendments also allow two historic shareholders, German automaker Daimler and the French conglomerate Lagardere, to sell their stakes, with the volume of EADS shares that trade freely rising above 70 percent from below 50 percent in December. <\/p>\n
The German and French companies have long sought to leave EADS to focus on their core activities, respectively cars and media. <\/p>\n
In the new ownership pact, national governments remain important shareholders, but their ability to influence company strategy decisions is more limited. <\/p>\n
In the scheme, Germany is to takeover the 12 percent stake in EADS from Daimler, and France is to cut its holding to 12 percent, with Spain at 4.0 percent. <\/p>\n
EADS activities involved in national security, such as those participating in France's nuclear deterrent, have been transferred to dedicated subsidiaries whose directors are chosen with each state's approval. <\/p>\n
An expanded board of directors of 12 people from six countries can now decide without interference from states on \"acquisitions, alliances and mergers,\" executive director Tom Enders said. <\/p>\n
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Aerospace group EADS weakens state control<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" EADS shareholders approved sweeping reforms on Wednesday that weaken the influence of European governments and allow the aerospace giant to pursue its global ambitions unfettered. The extraordinary meeting in Amsterdam overwhelmingly adopted 15 proposed amendments in a major easing of state clout in the powerful group that also controls Airbus. They notably dissolved a complicated shareholders pact that gave EADS's three founding states -- France, Germany and Spain -- veto rights on strategic decisions and rights to nominate board members Continue reading