The German government said on Monday that it wanted to clarify rapidly how it would safeguard the delicate Franco-German balance within troubled aerospace group and Airbus parent EADS.
Core EADS shareholder DaimlerChrysler, which is in the process of reducing its EADS stake from about 30 percent to 22.5 percent, has signalled its intention to sell a further 7.5 percent stake. Germany is worried the sale could upset the shareholding balance that has existed with France since the company was formed in 2000 following a merger of the two countries' top aerospace firms.
EADS subsidiary Airbus is preparing sharp cost cuts in response to lengthy delays in its flagship A380 superjumbo jet programme. Berlin believes bilateral parity must be maintained to ensure looming job cuts are not concentrated in Germany.
"We are presently considering a number of ideas and the goal of all of these ideas is that we will maintain the strategic interest of Germany and parity with the French stake," German government spokesman Ulrich Wilhelm said.
He said all parties discussing the German plans were clear that an agreement on how to proceed must be reached "in the coming days". Germany fears that its influence within EADS, Europe's largest aerospace and defence firm, could diminish if Daimler shares were bought by non-German investors.
It has signalled a readiness to buy the stake itself through state development bank KfW, possibly in combination with several German states. But Chancellor Angela Merkel, a conservative who openly frowns on state involvement in corporate affairs, would prefer that private German investors buy the shares instead - a view confirmed by Economy Minister Michael Glos on Monday.
Berlin is also believed to be pressing Daimler to hold on to the stake. On Monday, Daimler declined to comment on a possible timetable for reducing its stake from 22.5 percent. It has said repeatedly that it intends to keep at least 15 percent of EADS.
France's government owns 15 percent of EADS and French media group Lagardere is reducing its stake to 7.5 percent. Airbus said this month that A380 wiring problems would mean a two-year delay in delivery of the giant double-decker. The Financial Times Deutschland reported on Monday that Airbus had begun cancelling temporary staff contracts in Germany as it tries to cut costs. Citing sources at employment agencies, the FT said Airbus was targeting workers on quarterly contracts, telling agencies they would be cancelled or not extended.
Airbus has about 20,000 employees in Germany. Financial Times Deutschland said the company has an additional 7,000 staff on temporary contract. Airbus declined to comment. The plane maker has said repeatedly in recent days that no final decisions have been taken about personnel measures.
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