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Yukos has been under fire since the arrest of its founder and core shareholder, Mikhail B. Khodorkovsky.
The auction process opens the door for other banks that are not part of the core shareholder group, including foreign banks, to jump into the fray.
The core shareholder group has until now included Daimler, as well as Lagardère the French magazines and missiles conglomerate, which owns a 7.5 percent stake in EADS and whose chairman, Arnaud Lagardère, is currently chairman of the EADS board.
In a statement Monday, EADS confirmed that it was in "active" discussions with its core shareholder group — which includes the French government, the French conglomerate Lagardère and the German carmaker Daimler — about potential changes to its ownership structure and governance and said a further announcement would be made "as appropriate".
WALL STREET JOURNAL Airbus Parent Expected to Alter Investor Base | The New York Times reports: "The board of European Aeronautic Defense and Space, the parent company of Airbus, was expected Monday to announce a significant restructuring of its core shareholder base that would give the German government a direct stake in the group equal to that of France".
It need not go through the government if it wants to buy back shares, pay dividends or tweak its capital structure.Its core shareholder group is comprised of employees and board members (24%); Leucadia, an investment firm which bought a big stake when Jefferies raised money in March 2008 (29%); and MassMutual, an insurer.
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Bidders offer a fat premium to a few core shareholders, but none to the rest.
The new shares were a closed subscription offered only to core shareholders".
It seems that BA's core shareholders support him: the share price hardly moved when the strike was announced.
Core shareholders will get $3 billion cash, and the rest of the payment in stock of the new company.
"On the one hand, the core shareholders are holding out for money, thinking it's worth more," Mr. McCutcheon said.
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