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  Thursday, November 14, 2019
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The state-owned Development Bank (VEB) plans to transfer a 5% stake
The state-owned Development Bank (VEB) plans to transfer a 5% stake in the EADS to the United Aircraft Building Corporation (UABC) in the latter half of 2008, the VEB CEO said on Monday.

"It is up to the UABC. We expect this [the transfer] to take place in the second half of this year," Vladimir Dmitriyev told the press.

Russia's state-run VTB bank sold a 5% stake in Europe's Aeronautic Defense and Space Company (EADS) to the Development Bank for $1.45 billion in late December.

VTB CEO Andrei Kostin said the deal was designed to bypass administrative barriers to a direct transfer of the stake to the UABC.

Under the deal between the two Russian corporations, the VEB will buy up the UABC's additional issue and consolidate a state-owned stake in Ilyushin Finance, currently co-owned by the VEB and the UABC.

The UABC, which is 90% state owned, incorporates aircraft building companies and state assets engaged in the manufacture, design and sale of military, civilian, transport and unmanned aircraft in a bid to streamline the Russian aviation industry.

Ilyushin Finance deals with the financial and operational leasing of Russian-made civil aircraft, as well as providing consulting services. It has a 38% stake in the UABC, formed last year from leading domestic plane producers to streamline the country's aircraft building industry.


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