December 9, 2018 / 9:26 AM / a year ago

Rheinmetall eyes majority in defence group KNDS - report

FILE PHOTO: The logo of German defence and automotive group Rheinmetall AG is pictured at the company's headquarters in Duesseldorf, Germany March 15, 2018. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German tank maker and auto supplier Rheinmetall (RHMG.DE) aims to take a majority stake in Franco-German KMW + Nexter Defence Systems (KNDS), German daily Welt am Sonntag reported.

Rheinmetall’s executive board told analysts that is aiming for a stake that could go up to 75 percent if the company merges its own activities into KNDS, the paper said, adding that alternatively a cooperation agreement between the companies was an option.

The companies were not available for comment.

Rheinmetall said last month that it was in talks about buying a stake in KNDS, adding that the transaction depended on a variety of political, economic and regulatory factors.

Reporting by Arno Schuetze; Editing by Keith Weir

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