MOSCOW, September 27 (RIA Novosti) - Vneshtorgbank (VTB) is planning to sell its 5% stake in the European Aeronautic Defense and Space Company (EADS) before 2008, the Russian state-controlled bank said Thursday.
"The decision is not political, that is to say it will not be made against the bank's wishes," said VTB head Andrei Kostin.
He said Russia's United Aircraft Corporation (UAC) was interested in the package. "The question is whether UAC will manage to find the necessary funds [to buy it]," the banker added.
The UAC, which is 90% state owned, incorporates aircraft building companies and state assets engaged in the manufacture, design and sale of military, non-military, transport and unmanned aircraft in a bid to streamline the Russian aviation industry.
Industry and Energy Minister Viktor Khristenko said Wednesday the UAC could acquire the 5% stake in the EADS from VTB.
"I am not ruling out that the UAC could take ownership of this stake. Whether the shares will be transferred or sold is a financial issue, but this will not be a gift from the bank, it can only be a financial transaction," Khristenko said.
The minister said that EADS has a 10% stake in Irkut, one of Russia's largest aerospace holding companies and part of the UAC, which plans to consolidate its shares.
"Consequently, EADS could make use of its right to propose converting its Irkut shares into UAC securities and become a UAC shareholder," Khristenko said.
