According to this story, the German Government has found a way of de facto
buying out part of Daimler-Chrysler's share in EADS by using 'Quasi-Government' institutions to do the actual share-buying.
"The German government has so far been undecided about how to shore up German interests when DaimlerChrysler reduces its stake. It has been reluctant for the state to acquire the stake directly, preferring instead a private-sector solution.
"Complex deal - WirtschaftsWoche noted that DaimlerChrysler does not hold the stake directly, but via a non-operative subsidiary, DASA. DASA's share capital is held by DaimlerChrysler, the city state authorities of Hamburg, the Dornier family and the Messerschmitt Foundation.
"Under the complex deal, DASA would issue a convertible bond with a value of up to 49 percent of its enterprise value.
"EADS susidiary Airbus is hurting, but has gotten some big orders recently
"The bond, which would be convertible into the EADS shares, would be bought by a privately led investor consortium that included a number of public-sector regional state banks and the state-owned KfW redevelopment bank, WirtschaftsWoche reported.
"DASA would use the money from the bond issue to reimburse its shareholders, enabling DaimlerChrysler to pocket more money than it would raise from the sale of its shares via the open stock market, the magazine said.
"At the same time, Daimler-Chrysler would hold on to its EADS voting rights until the bond came up for redemption. Such a construction would also help to fend off potential predators, the magazine said.
"Chancellor Angela Merkel was scheduled to talk over the solution with the French and German EADS co-chairmen, Louis Gallois and Thomas Enders, at a meeting in Berlin in the next few days, WirtschaftsWoche added."
Possibly most of us can agree that:-
1. The last thing that Airbus needs is yet more interference from politicians.
2. Airbus' current situation is far too precarious/uncertain for the company to be a sutiable investment for taxpayers' money/savings to be invested in it to reduce Daimler-Chrysler's exposure?
Just on a personal note, can't resist saying that the fact that the 'Messerchmitt Foundation' still appears to be going strong, and planning to invest in Airbus, appeals to my quirky sense of humour.
Until this very moment, I'd assumed that I'd finished with those b*****d Messerschmitts after getting bombed by one of them (as a very small child, on my way home from nursery school) in 1944...........
[Edited 2006-10-29 15:18:44]
"Once you have flown, you will walk the earth with your eyes turned skywards.." - Leonardo da Vinci