Not exactly. Airbus is a 100% subsidiary of the European Aeronautic Defence and Space Company (formerly 80% EADS and 20% BAE. For the EADS ownership structure I'd have to quote http://en.wikipedia.org/wiki/EADS:
As of 3 July 2007 41.63% of EADS stock is publicly traded on six European stock exchanges, while the remaining 58.37% is owned by a "Contractural Partnership".[19] The latter is owned by SOGEADE (27.38%), Daimler AG (22.41%), SEPI (5.46%) and Dubai Holding (3.12%).[20] SOGEADE is owned by the French State and Lagardère, while SEPI is a Spanish state holding company. France also owns 0.06% of publicly traded stock.
Also a small part of the publicly traded stock has been bought by a Russian bank / state holding. That's why German "Tagesschau" (think PBS news) once came up with these numbers:
So you could say that through state holdings, Lagardere and Daimler AG the French and German side side still somewhat "control" EADS/Airbus, however the largest part of EADS is publicly traded.