The head of French media group Lagardere has again denied insider trading in aerospace group EADS and insisted the state was fully informed on all aspects of his plans to sell a 7.5% stake in the parent firm of Airbus.
Arnaud Lagardere appeared before a French parliamentary committee of inquiry, looking into the decision by a state controlled bank to buy some of the shares. He said: “I understand the distress and anger of Airbus workers and I want to tell them the Lagardere group did not betray them as a shareholder and did not carry out insider trading.”
The French stock market regulator AMF is looking into share sales by more than twenty senior EADS managers.
At the same time that Germany’s Daimler did, Lagardere announced it was selling half its 15% in EADS two months before the announcement of worsening delays to the A380 superjumbo which wiped a quarter off the shares’ value.
Lagardere denied having any insider information and said everything that EADS’ board knew was also known by the markets.