Shareholders of Airbus parent EADS have approved sweeping corporate changes that abandon a Franco-German power sharing agreement in favor of what the company’s leaders described as “emancipation” from political influence.
The new rules would dissolve a pact that gives France, Germany and Spain veto rights on strategic decisions. Instead, an expanded board of 12 people from six countries can now make decision on acquisitions, alliances and mergers without interference from governments,” EADS executive director Tom Enders said.
The changes come after Germany blocked plans to merge EADS with BAE Systems in October, a deal that would have seen EADS expand to become an aerospace giant rivalling Boeing.
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