State corporation Vneshekonombank(VEB) has no intention to sell or transfer its EADS shares to a third party, according to bank’s CEO Vladimir Dmitriev. VEB acquired the stake in 2007 for 995mln euros from the VTB Group, which, in turn, bought it a year earlier for 1bln euros.
The current crisis and EADS’ other internal problems have pulled down the stake’s market value, a development that led to the speculation on the VEB’s readiness to offload the stake to avoid its further devaluation. The bank CEO’s official statement was aimed at ending these groundless speculations. “We bought the EADS stake and why we do have to resell or transfer it to someone else?” he asked rhetorically, noting that all VEB’s operations have to be profitable. “Today, this stake now costs about 70% of the price it was acquired by the bank.”
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