Latest news with #KNDS
Yahoo
2 hours ago
- Business
- Yahoo
Germany prepares huge orders for jets, armored vehicles, sources say
BERLIN (Reuters) -Germany is preparing a wave of multi-billion-euro procurement orders, including 20 Eurofighter jets, up to 3,000 Boxer armoured vehicles, and as many as 3,500 Patria infantry fighting vehicles, two sources familiar with the plans told Reuters. The purchases are part of Chancellor Friedrich Merz's push to build Europe's most powerful conventional army, aiming to reduce reliance on an increasingly unpredictable ally, the United States, and take greater responsibility for European security. Earlier this year, Merz secured the parliamentary backing needed to exempt defence spending from Germany's constitutionally enshrined debt limits, enabling his government to finance the military overhaul. Germany's regular defence budget is projected to rise to around 83 billion euro ($95.8 billion) in 2026, up by 20 billion from 2025. The Eurofighter order alone is expected to cost between 4 billion and 5 billion euro, the sources said, while the Boxer vehicles — built by KNDS and Rheinmetall — are estimated at 10 billion euro. The Patria vehicles are seen costing roughly 7 billion euro. Deliveries of the Boxer and Patria platforms are expected over the next 10 years, according to the sources. The defence ministry is also advancing plans to purchase more IRIS-T air defence systems and several hundred SkyRanger drone defence platforms, the sources said, noting that financial details for those acquisitions have yet to be finalised. Bloomberg also reported on the procurement plans, though citing some differing figures. The defence ministry did not immediately reply to a request for comment. Merz has pledged to meet NATO's new benchmark of spending 3.5% of GDP on defence by 2029 - well ahead of most alliance members. But Germany also has more catching up to do. Hours after Russia's invasion of Ukraine, the chief of the German army publicly vented his frustration over the long-running neglect of military readiness in his country, saying the Bundeswehr was "standing there more or less empty-handed." ($1 = 0.8661 euros)
Reuters
2 hours ago
- Business
- Reuters
Germany prepares huge orders for jets, armored vehicles, sources say
BERLIN, July 29 (Reuters) - Germany is preparing a wave of multi-billion-euro procurement orders, including 20 Eurofighter jets, up to 3,000 Boxer armoured vehicles, and as many as 3,500 Patria infantry fighting vehicles, two sources familiar with the plans told Reuters. The purchases are part of Chancellor Friedrich Merz's push to build Europe's most powerful conventional army, aiming to reduce reliance on an increasingly unpredictable ally, the United States, and take greater responsibility for European security. Earlier this year, Merz secured the parliamentary backing needed to exempt defence spending from Germany's constitutionally enshrined debt limits, enabling his government to finance the military overhaul. Germany's regular defence budget is projected to rise to around 83 billion euro ($95.8 billion) in 2026, up by 20 billion from 2025. The Eurofighter order alone is expected to cost between 4 billion and 5 billion euro, the sources said, while the Boxer vehicles — built by KNDS and Rheinmetall ( opens new tab — are estimated at 10 billion euro. The Patria vehicles are seen costing roughly 7 billion euro. Deliveries of the Boxer and Patria platforms are expected over the next 10 years, according to the sources. The defence ministry is also advancing plans to purchase more IRIS-T air defence systems and several hundred SkyRanger drone defence platforms, the sources said, noting that financial details for those acquisitions have yet to be finalised. Bloomberg also reported on the procurement plans, though citing some differing figures. The defence ministry did not immediately reply to a request for comment. Merz has pledged to meet NATO's new benchmark of spending 3.5% of GDP on defence by 2029 - well ahead of most alliance members. But Germany also has more catching up to do. Hours after Russia's invasion of Ukraine, the chief of the German army publicly vented his frustration over the long-running neglect of military readiness in his country, saying the Bundeswehr was "standing there more or less empty-handed." ($1 = 0.8661 euros)
Bloomberg
2 days ago
- Business
- Bloomberg
KNDS, Triton Reach Agreement After Spat Over Renk Stake
Investment firm Triton Partners has agreed to transfer about half of its shares in gearbox maker Renk Group AG to Franco-German defense company KNDS NV, settling a dispute that has dragged on since February. Triton on Monday said in a statement it would transfer 9,166,667 shares in the settlement, which increases KNDS's current stake in Renk to 15.8%. KNDS had sought to expand its 6.7% stake to 25% before the conflict with Triton.
Reuters
2 days ago
- Business
- Reuters
KNDS reaches agreement with Triton on transfer of Renk shares
BERLIN, July 28 (Reuters) - Franco-German defence contractor KNDS has reached an amicable agreement with private equity group Triton on the transfer of shares in German gearbox maker Renk ( opens new tab, it said Monday. The parties have agreed that Triton would transfer 9.17 million shares to KNDS, allowing it to increase its shareholding in Renk to 15.84% from 6.7%, KNDS said in a statement. The transfer gives KNDS about half of the shares for which the company had secured a purchase option earlier this year. KNDS had filed a lawsuit against Triton in May in an attempt to force the private equity group to sell its shares at terms unfavourable for Triton due to a recent surge in Renk's shares. Shares in Renk have soared by nearly two-thirds since KNDS said it exercised its call option on February 10, boosted by a broad surge in European defense stocks. The parties had agreed not to disclose further details on the agreement, KNDS said in the Monday statement. "Both parties will continue their good relationship in the future and collaborate in the best interest of Renk," KNDS said.
Bloomberg
5 days ago
- Business
- Bloomberg
German Government Mulls Stake in Franco-German Tankmaker KNDS
German Defense Minister Boris Pistorius confirmed reports that Berlin is looking into buying a minority stake of the Franco-German tank manufacturer KNDS NV. The German family shareholders of KNDS are aiming to reduce their ownership through a listing or stake sale to tap growing investor demand in defense companies, according to people with knowledge of the matter.
