Germany plans to buy part of KNDS, clearing the way for an IPO

People familiar with the matter said Germany will buy about 40% of a relevant family-owned stake in European defence group KNDS, clearing the final obstacle to listings in Frankfurt and Paris. KNDS makes Germany’s Leopard 2 and France’s Leclerc main battle tanks. Germany’s direct move into the ownership structure shows European defence policy is no longer only about procurement; it is also rearranging capital and control in the arms industry.