Germany seeks 40% KNDS stake as France aligns holdings before IPO
What's next: A listing could come as soon as Tuesday, with Bloomberg reporting a possible valuation of 15 billion to 18 billion euros.
France and Germany agreed on a framework for Berlin to buy a 40% stake in defense manufacturer KNDS from family shareholders, a step that would put the two governments on equal footing ahead of a potential initial public offering. Germany said the investment would preserve long-term influence over a company it considers strategically important to European security and defense capacity. France currently holds 50% of KNDS and is expected to cut that to 40%. KNDS makes armored vehicles and ammunition used in Ukraine and is seen as central to Europe’s rearmament drive. Bloomberg reported the company could be valued at 15 billion to 18 billion euros in an IPO that may be announced as soon as Tuesday.