Lagardere SCA, the French media giant, said on Tuesday that it sold its entire 7.4 percent stake in European Aeronautic Defence & Space Co. NV (EADS) for $2.98 billion.
The Paris-based company sold all of the 61 million EADS shares it had acquired more than 10 years ago when it helped create EADS, the Wall Street Journal said.
The divestiture leaves Lagardere managers free to focus on such media assets as Elle magazine and book publishing.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...