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Russian president expects serious coop with EADS

RIA Novosti

21/02/2007 18:00 MOSCOW, February 21 (RIA Novosti) - Russian President Vladimir Putin said Monday he expected cooperation with EADS, a European aerospace and arms giant, to be fruitful.

European Aeronautic Defense and Space Company (EADS), a parent company of aircraft-maker Airbus, has been considered a welcome partner for United Aircraft Building Corporation (UABC), a new umbrella company for Russia's aircraft industry being formed to consolidate major domestic assets in aircraft manufacturing in a bid to streamline the sector.

Vneshtorgbank, Russia's state-run foreign-trade bank, announced in early September the purchase of a 5% stake in the European giant, which raised concerns that Russia may seek to boost its interest in EADS to gain more influence on the European aerospace market.

"This purchase is not a hostile takeover. We are ready for constructive interaction and we would like the companies to reach an agreement [on further cooperation]," Putin said.

But he said that if such an agreement was not attained, financial institutions would work with the shares on the stock market.

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