This time it was supposed to be different for the Franco-German aerospace giant—a smooth transition of power, with a new management team building on the foundation put in place by its predecessor. But things never are that easy at EADS. So five years after a tumultuous leadership transition period, the company once more faces a litany of critical questions that have come to define it: Who will own it? Who controls it? Who runs it? and, finally, What part of the aerospace value chain ...

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