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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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InvisibleVvellum
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Registered: 05/24/04
Posts: 10,920
EADS executive aware of Airbus A380 delay (!)
    #5757728 - 06/16/06 03:22 PM (17 years, 7 months ago)

http://www.marketwatch.com/News/Story/St...BDB%7D&keyword=

Quote:


EADS executive aware of Airbus A380 delay
Problem known in April, but not disclosed; French regulator probes

LONDON (MarketWatch) -- The co-chief executive Airbus's parent said Friday that he knew the company was having trouble with the wiring of A380 superjumbo as early as April, and French stock-market regulators confirmed they're examining the matter.
Shares of EADS, the aircraft company's owner, tumbled 26% in Wednesday trading after the disclosure that deliveries of the A380 could be delayed by seven months. Earnings from 2007 to 2010 will decline by around 500 million euros ($632 million) a year, the company said. See full story.
EADS (FR:005730: news, chart, profile) Co-CEO Noël Forgeard made his comments about the April knowledge to French radio station Europe 1, wire services reported. Forgeard said EADS didn't disclose the information to the market at the time because it thought the problems could be alleviated.
He also defended his decision to sell shares in March that allowed him to pocket a profit of 2.5 million euros ($3.2 million), saying the decision to trade, and those of family members, was an "unfortunate coincidence."
Forgeard told the radio station that the delay was "glitch" and that it hadn't lost any A380 orders as yet.
Singapore Airlines, Lufthansa and Emirates are among the customers that have committed to ordering the 555-seat plane.
Forgeard, who was Airbus CEO prior to becoming co-chief of the parent company, has been under pressure to resign since the delay has come to light.
Co-chairman Arnauld Lagardere told the French newspaper Le Monde an internal probe has been launched.
Lagardere told the newspaper that Airbus CEO Gustav Humbert, who took the reins last summer, is a subject of the probe.
EADS also disclosed that six members of its board of directors exercised stock options between March 8 and March 28, during a three-week trading window that is open four times a year. The sales were approved by EADS' compliance officer, the company said.
Meanwhile, France's market regulatory agency issued a statement saying it has been inquiring into EADS for "several weeks." The "most recent events" will be included in this investigation into EADS share price moves, the regulator said.
Lagardere -- head of the French media firm of the same name -- denied he had inside knowledge when his company and DaimlerChrysler each sold 7.5% stakes in EADS in April. See archived story.
In Paris trading, shares of EADS closed down 0.5% at 19.90 euros; the stock stood at 25.42 euros before the profit warning.
EADS owns 80% of Airbus and has agreed in principle to buy the remaining 20% from Britain's BAE Systems (UK:BA: news, chart, profile) . End of Story
Steve Goldstein is MarketWatch's London bureau chief.




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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order


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