Lagardere, the French media conglomerate, has offered for sale its 7.4% shareholdings in EADS, the Airbus parent company. This sale is central to the group's restructuring of its ownership.

The stake is valued at Eur2.4 billion or US$3.12 billion in current prices. It would be sold through private placement according to Lagardere's statement issued last Monday. Lagerdere previously announced that it would dispose its shareholdings in EADS no later than July 31. Aside from the announcement, the EADS board appointed Denis Ranque as its chairman of the board.

The global coordinators and bookrunners for the sale are Merill Lynch and Societe Generale.

For its part, EADS had previously committed repurchasing nearly Eur500 million or US$650.85 million of worth of its outstanding shares. 

EADS is the largest aerospace company in Europe. There have been other share sales for the company, not just in Europe but in the Middle East and Africa as well.