EADS poised for new ownership structure

Updated 26 November 2012
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EADS poised for new ownership structure

BERLIN: European aerospace giant EADS, fresh from its failed merger bid with Britain’s BAE Systems, will have a new ownership structure from 2013, a German newspaper reported.
Citing government sources, business daily Handelsblatt said that Germany and France would in future own 12 percent each of the company, with Spain holding 5.5 percent.
Private investors would hold the remaining 70.5 percent of the firm, which has interests in building satellites, rocket parts, helicopters and defense, as well its main business of building airliners.
A deal laying out the future shareholder structure was expected to be finalized at the end of the month, Handelsblatt reported.
Currently, the French government and French media and defense group Lagardere hold a combined stake of 22.35 percent, which is matched by a 22.35-percent German stake held by Daimler and the KfW state bank.
Daimler has made it clear it wants to end its involvement in the firm, according to Handelsblatt and a co-head at the Lagardere group told analysts earlier this month that his firm would “very likely” exit EADS “in 2013.”

A mooted $45-billion (35-billion-euro) tie-up between EADS and BAE Systems collapsed last month, reportedly after opposition from Berlin.
Media reports have said that Chancellor Angela Merkel blocked the deal as she was unwilling to allow Paris to have more influence in the company than Berlin and because EADS was unable to safeguard jobs in Germany.


Sudan to open energy sector to investment

Updated 1 min 21 sec ago
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Sudan to open energy sector to investment

The Sudanese government said that a number of oil and gas fields would become available for global investment at the end of May, amid interest shown by a delegation of US companies to invest in Sudan’s energy sector.

A fuel crisis in the country has been blamed on a hard currency shortage which has hit imports.

The government is seeking to resolve the fuel crisis, said Abdul Rahman Dirar, Minister of State at the Ministry of Finance and Economic Planning, in a statement. He added that five tankers carrying petroleum products have already arrived in the country, Asharq Al-Awsat reported.

In a meeting that was attended by the US delegation in the energy sector and Oil Minister Abdul Rahman Osman, the Norwegiean- American company TGS said it wanted to explore oil and gas in Sudan’s territorial waters and beyond on the Red Sea coast.

The country’s oil minister directed the ministry's department of oil exploration and production, and Sudapet, a state- owned oil company, to cooperate with the visiting US delegation and to discuss opportunities for investment in the country.