Germany’s KNDS stake approved by Parliament Budget Committee

The German Parliament's budget committee approved ​the government's planned purchase of ‌a 40% stake worth up to €7.2 billion ($8.21 billion) in KNDS ​on Friday, sources told ​Reuters.

The move clears a hurdle ⁠for the Franco-German tank ​maker's initial public offering and ​paves the way for Berlin to become an equal shareholder alongside Paris.

The ​move is aimed at ​securing joint control, strengthening oversight of ‌strategic ⁠and security matters and underpinning Europe's defence industrial base.

The approval also enables KNDS to ​proceed with ​its ⁠planned dual listing in Frankfurt and Paris ​next month, seen as ​one ⁠of Europe's most significant defence sector flotations in recent ⁠years.

-Reuters