in january 2001 airbus industrie was transformed from an inherently inefficient consortium structure to a formal joint stock company, with legal and tax procedures being finalised on 11 july. both eads and bae transferred ownership of their airbus factories to the new airbus sas in return for 80 % and 20 % shares in the new company respectively. in april 2001 eads agreed to merge its missile businesses with those of bae systems and alenia marconi systems (bae/finmeccanica) to form mbda. eads took a 37.5 % share of the new company that was formally established in december 2001 and which thus became the world's second-largest missile manufacturer.