SHARE
COPY LINK

FRANCE

Germany to buy Daimler’s EADS shares

Carmaker Daimler is to transfer a 7.5-percent stake in European aerospace and defence giant EADS to Germany's state-owned bank KfW, the Economy Ministry announced on Thursday.

Germany to buy Daimler's EADS shares
Photo: DPA

“In order to preserve the the French-German balance (in EADS) while no private investors have been found to secure German interests, KfW will temporarily take over” a stake of 7.5 percent being put up for sale by Daimler, the ministry said in a statement.

“The details have yet to be worked out but the government is working from the assumption that the deal will be carried out next year,” the ministry said.

But it insisted that “the door remains open for potential private investors.”

Daimler currently holds a stake of 15 percent and 22 percent of the voting rights in the European Aeronautic Defence and Space Company and is looking to sell initially half of that stake.

The German government had hoped to find a private buyer for the shares – whose current market value stands at €1.2 billion to €1.3 billion ($1.6 billion to $1.8 billion) – but was forced to step into the breach after no-one came forward.

AFP/mry

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

FRANCE

Germany to tighten Covid controls at French border

Germany on Sunday, February 28th, classed France's Covid-battered Moselle region as a high risk area for virus variants, triggering tougher entry requirements at the border between the two neighbours.

Germany to tighten Covid controls at French border
Image: Peter H/ Pixabay

France’s eastern Moselle region is now listed as an area “at particularly high risk of infection due to widespread occurrence of SARS-CoV-2 virus variants”, Germany’s Robert Koch Institute for disease control announced.

From Tuesday, March 2nd, cross-border travellers from Moselle will need to be able to show a recent negative coronavirus test.

Germany has already introduced tough checks at its borders with the Czech Republic and Austria’s Tyrol region, ignoring calls from Brussels to keep borders within the bloc open.

At those crossings, only Germans and non-German residents are allowed to enter, as well as cross-border commuters working in certain categories of jobs.

Every vehicle is stopped and occupants must produce a negative test that is less than 48 hours old.

The checks on the German side of the Moselle crossing are expected to be less strict, a German interior ministry spokesman told AFP.

Instead of systematic checks, police would randomly stop vehicles on the German side and ask drivers to show “a negative test and their online entry registration”, he said.

Germany has grown increasingly concerned in recent weeks about the rapid spread of new, more contagious strains of the coronavirus, especially those first detected in Britain and South Africa.

The coronavirus, including the more dangerous South African variant, is spreading faster in Moselle than elsewhere in France but French officials have pleaded with Berlin to avoid a full closure of the border.

The German classification “normally implies the extremely strict measure of a quasi-closure of borders”, France’s European Affairs minister Clement Beaune said Sunday.

“We don’t want that,” he said, adding that talks were ongoing with Berlin to find solutions for the roughly 16,000 commuters who cross from Moselle into Germany’s Saarland and Rhineland-Palatine states every day.

The German interior ministry spokesman said the two countries would discuss details of the border implications on Monday.

Asked why the French checks would not be as stringent as those along the Czech and Austrian frontiers, the spokesman said Saarland and Rhineland-Palatine had not requested border closures.

“And there is a good cooperation between the affected German and French regions,” he added.

SHOW COMMENTS