German carmaker Daimler is selling its remaining 7.5% stake in pan-European aerospace and defence group EADS.

Daimler, owner of Mercedes-Benz, said it would use to the funds to focus on its main carmaking business.

Daimler is selling its remaining 7.5 percent stake in EADS

The shareholding in EADS is worth about 2.3 billion euros ($3 billion) as of the end of Tuesday trading.

EADS is the parent company of aircraft manufacturer Airbus. EADS said it would buy about 600 million euros worth of the shares.

Daimler also sold a 7.5% stake in EADS last year.