Airbus owner in French share trading probe

01-04-2008

Airbus owner in French share trading probe
EADS, the owner of Airbus, is under investigation by France's regulator AMF for possible insider trading at the defence and aeronautical company.

AMF has started proceedings against EADS for failure to provide adequate information to the market and for breach of insider trading rules. The watchdog has not yet told EADS and its executives what the charges will be.

Louis Gallois, chief executive of EADS, said: "At last, EADS and its managers concerned will be in a position to defend themselves.

"EADS will support its managers in their defence; it intends to demonstrate that it has applied standards of excellence when communicating to the market, and has acted with full transparency."

The company said it could be fined as a result of the proceeding, but EADS believes these risks are immaterial. However, EADS said the proceedings may have significant consequences on its image and reputation.

The AMF was investigating possible insider trading by major shareholders and managers at EADS just before the announcement of delays to the Airbus A380 programme caused the company's share price to plummet.

EADS shares fell one per cent to €14.86 (£11.77) in morning trading.

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