KOMSOMOLSK-ON-AMUR, September 26 (RIA Novosti) - A Russian minister said Wednesday that the country's United Aircraft Corporation could acquire a 5% stake in the European Aeronautic Defence and Space Company from state-controlled bank VTB.
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.
"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," Industry and Energy Minister Viktor 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.
An EADS official has been on the Irkut board since March 2006. Irkut and EADS are planning to open a joint venture in 2010 to convert A320 passenger jets into cargo aircraft.
