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TCI Urges EADS to Sell Dassault Stake

Aug 05, 2013
Jing Chen

London-based hedge fund firm The Children’s Investment is urging the parent company of aircraft manufacturer Airbus to sell its 46% stake in Dassault Aviation, a French aircraft manufacturer of military and business jets.

European Aeronautic Defense and Space confirmed to the New York Times  Monday that it had received a letter from TCI, which owns just over 1% of EADS, insisting that the aircraft manufacturer’s investment in Dassault was a “poor use of capital.”

TCI then suggested that EADS sell its stake in Dassault “as soon as possible” and use the proceeds from the sale to buy back shares or pay a special dividend for shareholders.

The article stressed that a quick sale would be unlikely as it would cause political friction in France given the sensitivity of the company’s status regarding its military dealings.

TCI manages approximately $7 billion in assets. A portion of its profit goes toward CIFF, which is focused on improving the lives of children in developing countries.

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