Germany has reached an agreement in principle with the family owners of half of KNDS, the armoured-vehicle maker. A purchase would give Berlin the same share as France. The contract is expected to be ready during November, while the final price remains undisclosed and the economy ministry has yet to confirm the agreement.
Geopolitics··Midday
Berlin seeks an equal share with France
Germany has reached an agreement in principle to buy the family-owned half of KNDS, the manufacturer of armoured vehicles. Government sources told ARD’s Berlin bureau that Berlin planned a 50 per cent holding, matching the French state’s existing share. The agreement concerns the shares held by the Braunbehrens and Bode families through Wegmann Holding. The economy ministry had yet to confirm the agreement.[1], [2]
Berlin says it wants to protect key armoured-vehicle technologies and safeguard its defence interests. KNDS makes Leopard 2 tanks and Boxer vehicles, and Germany’s armed forces are its largest customer. An equal state holding would give Germany the same ownership position as France in decisions affecting the group and its technology.[1]
Contract expected during November
The families had been trying to sell for some time. An initial public offering was postponed and then cancelled in the autumn. Handelsblatt first reported the agreement and said the purchase contract was expected to be ready for signature during November. KNDS and the families declined to comment, while the government sources withheld further details on confidentiality grounds.[1]
The final price for KNDS shares has not been disclosed. A briefing for the German parliament’s budget committee seen by Reuters indicated a payment below the amount previously authorised for a smaller stake. In June, the committee approved 7.2 billion euros for 40 per cent. The families are also expected to receive a package premium and part of the 2026 dividend collected by the government.[1]
A later listing remains possible
Berlin still envisages a later stock-market listing. Germany and France reportedly agreed that each could reduce its stake by 10 percentage points, depending on market conditions. KNDS was formed in 2015 by combining Krauss-Maffei Wegmann and Nexter. It has about 11,000 employees and reported 2025 revenue of 4.4 billion euros. Its group headquarters is in Amsterdam, its German headquarters in Munich; Kassel has three production sites and one logistics site.[1]
