FRANKFURT, Dec 6: German automaker Daimler said on Thursday it has halved its stake in the European Aeronautic Defence and Space Company (EADS), as planned, and pocketed 1.66 billion euros ($2.2 billion) in proceeds.

“Daimler today sold 61.1m shares in EADS ... The price per share was set at 27.23 euros, which corresponds to the EADS closing price in Paris on Wednesday,” the German group said in a statement.

The deal cuts in half Daimler's stake in EADS to 7.5pc and the buyers included the German state-owned investment bank KfW, which purchased a stake of 2.76pc and the Dedalus investor consortium, which acquired 1.9 per cent, the statement said.

“The demand from institutional investors was very strong. The book was multiple times oversubscribed,” it said.

Daimler finance chief Bodo Uebber said the proceeds would be invested in “the global growth of our divisions, our products and the extension of our technological leadership,” without providing any further details.—AFP