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Thursday, June 22, 2006

French prime minister pledges action over crisis at Airbus parent EADS

THE ASSOCIATED PRESS

PARIS -- The French government will take "all necessary measures" to end the crisis at Airbus parent company EADS, Prime Minister Dominique de Villepin said Wednesday, a week after EADS shares plunged 26 percent on news of further delays to the A380 superjumbo.

"There are urgent decisions to be taken, and they will be taken," Villepin told lawmakers. "The government has decided to take all necessary measures so that EADS gets on top of its production delays and supplies its customers under the best possible conditions."

The French government owns 15 percent of European Aeronautic Defense and Space Co., but under current company statutes operational decisions are left to the group's private shareholders, the French defense and media group Lagardere SCA and German carmaker DaimlerChrysler AG.

EADS shares rose 6.5 percent on Tuesday after Villepin and Finance Minister Thierry Breton said the government was seeking changes to the company's management and ownership structures. On Wednesday, the stock fell 2.5 percent to close at 20.92 euros ($26.31) in Paris.

Any move by the French government to increase its influence over EADS would be likely to meet resistance from the German government. The crisis at EADS has already caused "some concern" in Berlin, German Economics Minister Michael Glos said Tuesday.

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