Not long ago, EADS was a case study of a corporate mess. Now the European aerospace group has a simpler structure, is benefiting from cost-cutting programmes and has won a $35bn contract to supply tankers to the US Air Force. The maker of Airbus and military jets is on the road to corporate normality.

Yet one big obstacle remains: the role of the core French and German shareholders. Between them, they control 45 per cent of EADS. The French government is influential but not decisive, with a 15 per cent stake, while Lagardère, the French media group, owns 7.5 per cent. Daimler controls 22.5 per cent. Suggestions that these investors should be able to veto who else could build up a strategic stake would be a significant step backwards.