Monday, November 19, 2007

EADS plans US acquisitions to reduce dollar exposure - CEO

EADS is looking to make acquisitions in the US in order to reduce its exposure to a weaker dollar, chief executive Louis Gallois told the Financial Times.

'My main concern for the future is the weakness of the US dollar,' he said. 'It is a sword of Damocles hanging over our heads and it is a fantastic handicap against our only competitor [Boeing (nyse: BA - news - people )] in commercial aircraft.'

Gallois said in the interview that US acquisitions as well as partnerships and alliances had been identified as targets for 'Vision 2020', a recently agreed corporate strategy that is to be presented soon to employees.

Gallois confirmed that one EADS takeover move considered in the US had been blocked by a controlling shareholder on the grounds that the Franco-German group could have lost management control of the operation.

French daily Les Echos reported last month citing unnamed sources that Lagardere SCA blocked a bid by EADS for United Industrial Corp. (nyse: UIC - news - people )

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