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EADS crisis talks follow share price plunge


EADS crisis talks follow share price plunge


Top executives of aerospace group EADS has held crisis talks after its Airbus division announced a severe profit warning because of delays to the A380 superjumbo.

It is not clear if the informal meeting discussed the future of French co-chief executive Noel Forgeard.

He is under pressure after acknowledging the company knew internally about the possibility of delays in the project as early as April, but the problem was not made public until last week.

Forgeard says he sold millions of EADS shares in March before there was any indications of delay.

The German co-Chief Executive Officer Tom Enders has said he could have sold shares in March but didn’t because he thought it was not “appropriate’‘ without explaining why.

In his first comments since the company’s shares lost a quarter of their value Enders said that “the crisis at Airbus is also a crisis for EADS but every crisis brings opportunities with it.”

He added: “Because of this we should not act too hastily and only consider personal consequences and changes in procedure at Airbus.”

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