Finally DaimlerChrysler which still holds 22

A meeting at the Summit, chaired by Manfred Bischoff and Arnaud Lagardère is scheduled today in the presence of the co-chairs Executive of EADS, Noël Forgeard and Thomas Enders, to try to defuse the controversy caused by the collapse of title and sales of shares carried out three months earlier by some of its leaders. This first meeting of crisis since the stock market crash on Wednesday should be an opportunity for the main French and German shareholders to view their "unit". So far, only the heads of French poster, Arnaud Lagardère and Noël Forgeard are indeed mounted niche, while their respective German counterparts, Manfred Bischoff and Thomas Enders, remained silent, making it reappear the specter of Franco-German wrangling that had dotted the war of succession at the head of EADS. However, this meeting should not lead to radical measures, leaders preferring to wait for the findings of an internal investigation into the problems, both at the level of industrial organization as the "reporting".

There is no doubt that they will want to wait for the evolution of the charges of insider trading, including against Noël Forgeard following the sale of its shares in March (which he reported 2.5 million euros). To the outcry in the associations of small shareholders, trade unions and political parties, the authority of des marchés financiers (AMF) indicated, Friday, that it was investigating "for several weeks on the market of the EADS title." For its part, its German equivalent, the BaFin, announced the opening of an investigation into the sale, early April, of 7.5 of the EADS shares by the DaimlerChrysler group.

The leadership of EADS have established their line of defence. Main target of these attacks, Noël Forgeard is forbidden to the charge of insider trading, claiming to have no knowledge, at the time, possible delays in the A380 deliveries. "I confirm you eyes in the eye: I am not mistake!", said the co-Chairman of EADS, in an interview Saturday at the "Parisian". "Neither before, nor during the period from 9 to 17 March, period for the sale of my actions, I have benefited a privileged information", provides.

Deep challenge

Last Thursday, the co-Chairman of the Board of Directors of EADS, Arnaud Lagardère, had advanced the same arguments to justify the sale, early April, 7.5 of the capital, where the title was at the top. A transaction which had allowed him to realize a capital gain of at least EUR 1 billion. Finally, DaimlerChrysler, which still holds 22.4 EADS, also argued the ignorance. According to the position taken by the leaders, Executive Committee would have alerted a risk of further delays to the A380 until April 15. But at the time, the leadership of Airbus, chaired by Gustav Humbert, would have still said able to overcome the difficulties. An investigation would have nevertheless been conducted, by Airbus in internal and external by McKinsey audit firm. This is only the outcome of this double investigation branch of EADS would finally arrived at the certainty of further delays, which would have been immediately made public, on June 13.

This crisis will however highlighted the lack of effectiveness of the current organization of Airbus and its parent, that should not be able to make the economy a deep questioning, starting with the autonomy of the different components of the Group and its principle of a double-headed organization chart. Also revealing the lack of involvement of its main shareholders Lagardère and Daimler - group

Chrysler, it could accelerate their disengagement. Confronted with many difficulties in the car, the Germanic constructor does not hide its desire to refocus on its core business. But Airbus, which employs 21.100 people German, is regarded as a vital asset by the Federal Government and the whole of the German political class. Hence the impossibility for DaimlerChrysler to divest its 22.4... Under find a German buyer. According to the press, several banks regional in particular, those of Hamburg and Bavaria could resume shares, which would allow the Germany to "weigh" as heavy as the France in the share capital of EADS.