Germany Agrees to Buy the Wegmann Families' Half of KNDS for Less Than It Budgeted for 40%
Berlin's deal would put the Leopard 2, Puma and Boxer maker fully in state hands, split evenly with France, and push its stock-market listing into an open future.
Berlin's deal would put the Leopard 2, Puma and Boxer maker fully in state hands, split evenly with France, and push its stock-market listing into an open future.
Germany has agreed in principle to buy the Wegmann families' entire 50% stake in KNDS, the Franco-German tank maker, according to a confidential government document obtained by Handelsblatt. France holds the other half, so the company would end up wholly owned by the two states.
The deal replaces the June plan, under which Berlin earmarked up to €7.2 billion for 40% and the families would float the rest. That listing was postponed in early summer and called off in September, Der Spiegel reported.
Frequently Asked Questions
What has Germany agreed to buy?
The 50% of KNDS held by the Braunbehrens and Bode families through the Wegmann holding, according to a confidential government document reported by Handelsblatt. France owns the other 50%.
How much will Germany pay?
The document names no price. Bloomberg, citing people familiar with the talks, reported about €6.5 billion; a Börse Social digest citing financial circles put it at €5.6 billion. Both are below the €7.2 billion approved in June for a 40% stake.
When does the deal close?
Wegmann aims to sign the purchase agreement in November 2026, with completion planned for December 2026, according to the finance ministry document described by Der Spiegel.
What happened to the KNDS IPO?
The listing was postponed in early summer and called off in September, Der Spiegel reported. Under the new plan, Germany and France each aim to sell 10% later and keep 40%.
Why does Berlin want a 50% stake?
At 50% it cannot be outvoted by France on key decisions, the document states, and the economy ministry said the purchase keeps third parties from gaining dominant influence over KNDS Deutschland.
AI-generated summary, reviewed by an editor. More on our AI guidelines.
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Marcus Schuler
Marcus Schuler edits BattlePolicy, a daily defense-technology brief connecting the companies and capabilities behind modern war to the contest among Europe, the US, Russia, and China.