{"id":2011082,"date":"2026-06-24T10:44:07","date_gmt":"2026-06-24T07:44:07","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2011082"},"modified":"2026-06-24T10:44:07","modified_gmt":"2026-06-24T07:44:07","slug":"european-defence-ipo-knds-lays-out-listing-plans-that-could-value-it-at-up-to-e15bn","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2011082","title":{"rendered":"European defence IPO: KNDS lays out listing plans that could value it at up to \u20ac15bn"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/81\/13\/57\/1200x675_cmsv2_55c8ce1c-ded5-5b0a-b4a5-c17b7317a90c-9811357.jpg&#8221;]<\/p>\n<article id=\"abe-2904905-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2904905\" data-cid=\"9813574\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904905-label-pos1-c-latest-stories\" 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decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/05\/57\/189x106_cmsv2_e6dc4b3e-b154-5470-b3e0-7c6e9432f90c-9800557.jpg\" loading=\"lazy\" alt=\"Kazakhstan\u2019s Zhetysu region is hosting the first Paragliding World Cup in Central Asia, bringing together around 150 pilots from 33 countries. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Travel News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Central Asia\u2019s first Paragliding World Cup is taking place in Kazakhstan\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2904839-pos3-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2904839\" data-cid=\"9813210\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904839-label-pos3-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/32\/10\/189x106_cmsv2_23ef272e-9449-5e01-9785-adec3fa9ddfc-9813210.jpg\" loading=\"lazy\" alt=\"FILE: An Iranian IRGC speedboat moves in the Persian Gulf while an oil tanker is seen in background, 2 July 2012\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Iran<\/p>\n<div class=\"the-media-object__title  \">\n<p>    IRGC warns ships over Hormuz routes as Rubio draws line on tolls\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2903971-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2903971\" data-cid=\"9808542\" data-part-label=\"Partner content\">\n<figure id=\"abe-2903971-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/85\/42\/189x106_cmsv2_42e50a14-2878-588a-b451-b46682a81488-9808542.jpg\" loading=\"lazy\" alt=\"Euronews Tech Talks\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Euronews Tech Talks<\/p>\n<div class=\"the-media-object__title  \">\n<p>    How much do we know about microplastics? | Euronews Tech Talks podcast\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2904905-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2904905\" data-cid=\"9813574\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904905-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/35\/74\/189x106_cmsv2_5f87cfbc-942c-5ee9-b87a-771d6797e709-9813574.jpg\" loading=\"lazy\" alt=\"President Donald Trump wraps up his speech at the opening of the Great American State Fair in Washington, US, 24 June 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Culture news<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Leonard Cohen estate slams &#8216;Hallelujah&#8217; use at Freedom 250 rally\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2902393-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2902393\" data-cid=\"9800557\" data-part-label=\"Partner content\">\n<figure id=\"abe-2902393-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/05\/57\/189x106_cmsv2_e6dc4b3e-b154-5470-b3e0-7c6e9432f90c-9800557.jpg\" loading=\"lazy\" alt=\"Kazakhstan\u2019s Zhetysu region is hosting the first Paragliding World Cup in Central Asia, bringing together around 150 pilots from 33 countries. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Travel News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Central Asia\u2019s first Paragliding World Cup is taking place in Kazakhstan\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2904839-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2904839\" data-cid=\"9813210\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904839-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/32\/10\/189x106_cmsv2_23ef272e-9449-5e01-9785-adec3fa9ddfc-9813210.jpg\" loading=\"lazy\" alt=\"FILE: An Iranian IRGC speedboat moves in the Persian Gulf while an oil tanker is seen in background, 2 July 2012\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Iran<\/p>\n<div class=\"the-media-object__title  \">\n<p>    IRGC warns ships over Hormuz routes as Rubio draws line on tolls\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2903971-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2903971\" data-cid=\"9808542\" data-part-label=\"Partner content\">\n<figure id=\"abe-2903971-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/85\/42\/189x106_cmsv2_42e50a14-2878-588a-b451-b46682a81488-9808542.jpg\" loading=\"lazy\" alt=\"Euronews Tech Talks\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Euronews Tech Talks<\/p>\n<div class=\"the-media-object__title  \">\n<p>    How much do we know about microplastics? | Euronews Tech Talks podcast\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Business<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            European defence IPO: KNDS lays out listing plans that could value it at up to \u20ac15bn<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/13\/57\/1536x864_cmsv2_55c8ce1c-ded5-5b0a-b4a5-c17b7317a90c-9811357.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"An armoured personnel carrier, a Puma infantry fighting vehicle and a Leopard battle tank produced by pan-European defense company KNDS are displayed in Munich, 22 April 2026\"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              An armoured personnel carrier, a Puma infantry fighting vehicle and a Leopard battle tank produced by pan-European defense company KNDS are displayed in Munich, 22 April 2026<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">AP Photo\/Matthias Schrader<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0AP Photo\/Matthias Schrader\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspQuirino Mealha\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1782297847\">\n                    Published on                 <time datetime=\"2026-06-24 12:44:07 +02:00\">24\/06\/2026 &#8211; 12:44 GMT+2<\/time><span class=\"c-article-publication-date__bullet\">\u2022<\/span>Updated<br \/>\n                                     <time datetime=\"13:06\">13:06<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center 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decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-telegram.svg\" width=\"48\" height=\"48\" alt=\"telegram\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"24\" height=\"24\" alt=\"vk\" loading=\"lazy\"><span>VK<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"48\" height=\"48\" alt=\"vk\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"24\" height=\"24\" alt=\"bluesky\" loading=\"lazy\"><span>Bluesky<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"48\" height=\"48\" alt=\"bluesky\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"24\" height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        The Franco-German manufacturer behind the Leopard and Leclerc battle tanks, KNDS, has officially announced its plans for an IPO, listing shares in Paris and Frankfurt within weeks, capitalising on Europe&#8217;s race to rebuild its military capacity.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>One of Europe\u2019s largest military equipment producers, KNDS, rolled out long-awaited details of its initial public offering (IPO), aiming for a dual listing in Paris and Frankfurt in the coming weeks.<\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>The IPO could value KNDS, the maker of Leopard and Leclerc tanks, at between \u20ac12bn and \u20ac15bn, according to the Financial Times, potentially making it one of Europe&#8217;s largest defence listings in recent years.<\/p>\n<p>The listing comes at a time when European military budgets are surging, driven by the war in Ukraine and doubts over the reliability of the US as a security guarantor. <\/p>\n<p>The company declined to comment on the precise date, but CEO Jean-Paul Alary told reporters the offering was expected within weeks.<\/p>\n<p>According to Alary, the move comes as the continent enters what he called a new era of defence and security, with armed forces modernising rapidly and rebuilding the land-warfare capabilities run down during decades of lower spending. <\/p>\n<p>According to Reuters, the firm has now formally launched the IPO process, which is expected to take place in mid-July.<\/p>\n<p>The announcement comes days after <strong>Germany unveiled plans to acquire a 40% stake in KNDS<\/strong>, saying the move would secure long-term influence over a company it considers strategically important to European security and defence. <\/p>\n<p>France, which currently owns 50% of KNDS, is expected to reduce its stake to 40%. <\/p>\n<p>The remaining 20% of the company is set to be floated on the stock market, with France and Germany each retaining 40% stakes following the transaction. <\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">Germany to take 40% stake in Leopard tank maker KNDS alongside France<\/li>\n<li class=\"c-widget-related__item\">Rheinmetall sinks as Germany axes mega-warship project after spending \u20ac2.3bn<\/li>\n<\/ul>\n<\/div>\n<p>According to the Financial Times, the shares are expected to be marketed primarily to institutional investors amid strong demand for European defence stocks.<\/p>\n<p>Once the listing is completed, KNDS shares will begin trading on Euronext Paris and the Frankfurt Stock Exchange, giving investors direct exposure to one of Europe&#8217;s largest land-defence manufacturers.<\/p>\n<p>KNDS was created in 2015 through the merger of Germany&#8217;s Krauss-Maffei Wegmann and France&#8217;s Nexter. <\/p>\n<h2>A growing headache for Rheinmetall<\/h2>\n<p>The rapid emergence of the rival adds to the pressure on Rheinmetall, Europe&#8217;s largest ammunition maker and KNDS&#8217;s main competitor in subsectors such as land systems.<\/p>\n<p>The D\u00fcsseldorf-based group, whose shares have shed roughly a quarter of their value this year, had itself reportedly hoped to buy into KNDS, only to be shut out by the governments&#8217; intervention.<\/p>\n<p>To make matters worse, <strong>Berlin announced it would scrap Rheinmetall&#8217;s multi-billion-euro F126 frigate programme<\/strong>, which would have been Germany&#8217;s largest warship order since the Second World War, in favour of smaller vessels from rival builder TKMS. <\/p>\n<p>Rheinmetall, which had been poised to take over the project, fell 13% in early trading on Wednesday due to the news.<\/p>\n<p>The squeeze also coincides with regulatory scrutiny at home. <\/p>\n<p>Germany&#8217;s Monopolies Commission has warned that defence procurement is concentrated among a small number of suppliers, potentially weakening competition and driving up costs.<\/p>\n<p>Calling for reforms to procurement rules, commission chairman Tomaso Duso said competition was &#8220;the fundamental pillar of Europe&#8217;s economic order&#8221; and should play a greater role in the defence sector.<\/p>\n<p>A listed KNDS will give investors a direct yardstick against which to measure Rheinmetall&#8217;s order momentum and margins.<\/p>\n<\/div>\n<footer class=\"perf-cv-auto c-article-contributors c-article-contributors-supplementary u-margin-top-2 u-padding-top-2\">\n<p>Additional sources<strong> \u2022 AFP<\/strong><\/p>\n<\/footer>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center 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src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/97\/36\/480x270_cmsv2_6ae2e5d1-7dcd-5098-b26e-655f8678dde7-9809736.jpg\" loading=\"lazy\" alt=\"FILE. Anti Brexit campaigner Steve Bray walks on the beach to pose for a photograph during the Labour Party Conference at the Brighton Centre, England, Sept. 2019\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    A decade after Brexit, Britain weighs costs and gains<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904178-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2904178\" data-cid=\"9809533\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904178-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/95\/33\/480x270_cmsv2_cc5cacae-9980-5248-a0c7-847a8c8095d1-9809533.jpg\" loading=\"lazy\" alt=\"The sun rises behind SpaceX&apos;s mega rocket Starship as it is prepared for a test flight from Starbase, Texas, 22 May 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Markets<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    SpaceX sheds $600 billion in three days and turns to the bond market<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2903928-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2903928\" data-cid=\"9808270\" data-part-label=\"Partner content\">\n<figure id=\"abe-2903928-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/82\/70\/480x270_cmsv2_d49e3216-b1d0-512c-b711-9f56bfc2413f-9808270.jpg\" loading=\"lazy\" alt=\"European Central Bank President Christine Lagarde talks with Commissioner for Banking Union Maria Luis Albuquerque, May 22, 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    EU plans banking reform by early 2027 to unlock billions in investment<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  IPO<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Military<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Defence<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  France<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Germany<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Investment<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2904094-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2904094\" data-cid=\"9809129\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904094-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/91\/29\/320x180_cmsv2_36a2c281-89de-571b-b972-7568e05a065d-9809129.jpg\" loading=\"lazy\" alt=\"Ein mit Waren gefuellter Einkaufswagen steht am 10. Juni 2009 in einem Supermarkt in Dresden. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Which European countries are the cheapest and most expensive?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2904812-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2904812\" data-cid=\"9813023\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904812-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/30\/23\/320x180_cmsv2_fdc9eeb0-0584-5a41-b9b7-607b640c56b7-9813023.jpg\" loading=\"lazy\" alt=\"Ferrari Luce, the company&apos;s first EV model\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Ferrari&#8217;s marketing boss quits after backlash over first EV<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2904796-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2904796\" data-cid=\"9812875\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904796-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/28\/75\/320x180_cmsv2_2699418c-20da-5dd7-a12d-b4129a674c99-9812875.jpg\" loading=\"lazy\" alt=\"FILE. 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Anti Brexit campaigner Steve Bray walks on the beach to pose for a photograph during the Labour Party Conference at the Brighton Centre, England, Sept. 2019\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    A decade after Brexit, Britain weighs costs and gains<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904178-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2904178\" data-cid=\"9809533\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904178-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/95\/33\/480x270_cmsv2_cc5cacae-9980-5248-a0c7-847a8c8095d1-9809533.jpg\" loading=\"lazy\" alt=\"The sun rises behind SpaceX&apos;s mega rocket Starship as it is prepared for a test flight from Starbase, Texas, 22 May 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Markets<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    SpaceX sheds $600 billion in three days and turns to the bond market<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2903928-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2903928\" data-cid=\"9808270\" data-part-label=\"Partner content\">\n<figure id=\"abe-2903928-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/82\/70\/480x270_cmsv2_d49e3216-b1d0-512c-b711-9f56bfc2413f-9808270.jpg\" loading=\"lazy\" alt=\"European Central Bank President Christine Lagarde talks with Commissioner for Banking Union Maria Luis Albuquerque, May 22, 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    EU plans banking reform by early 2027 to unlock billions in investment<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904094-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2904094\" data-cid=\"9809129\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904094-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/80\/91\/29\/320x180_cmsv2_36a2c281-89de-571b-b972-7568e05a065d-9809129.jpg\" loading=\"lazy\" alt=\"Ein mit Waren gefuellter Einkaufswagen steht am 10. Juni 2009 in einem Supermarkt in Dresden. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Which European countries are the cheapest and most expensive?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904812-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2904812\" data-cid=\"9813023\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904812-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/30\/23\/320x180_cmsv2_fdc9eeb0-0584-5a41-b9b7-607b640c56b7-9813023.jpg\" loading=\"lazy\" alt=\"Ferrari Luce, the company&apos;s first EV model\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Ferrari&#8217;s marketing boss quits after backlash over first EV<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904796-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2904796\" data-cid=\"9812875\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904796-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/28\/75\/320x180_cmsv2_2699418c-20da-5dd7-a12d-b4129a674c99-9812875.jpg\" loading=\"lazy\" alt=\"FILE. A sign marks the entrance of the Micron Technology automotive chip manufacturing plant in Manassas, Virginia, February 2022\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Micron posts record results as AI boom drives 15-fold jump in profit<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904619-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2904619\" data-cid=\"9812440\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904619-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/05\/38\/16\/18\/320x180_cmsv2_af7998ca-4243-5d98-87f3-7a4d1936da46-5381618.jpg\" loading=\"lazy\" alt=\"Luxembourg\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    &#8216;OpenLux&#8217; uncovers new Luxembourg firms linked to wealthy Spaniards<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904553-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2904553\" data-cid=\"9811675\" data-part-label=\"Partner content\">\n<figure id=\"abe-2904553-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/81\/16\/75\/320x180_cmsv2_6c832235-6086-543c-9c8a-0102876b3351-9811675.jpg\" loading=\"lazy\" alt=\"European Commission President Ursula von der Leyen.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    EU proposes tax overhaul to cut business costs by \u20ac8 billion a year<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904094-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2904094\" data-cid=\"9809129\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Which European countries are the cheapest and most expensive?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2903730-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2903730\" data-cid=\"9807449\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Which EU countries have the most spare rooms amid the housing crisis?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904030-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2904030\" data-cid=\"9808894\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Why is gold falling as inflation rises? The myth explained<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2904178-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2904178\" data-cid=\"9809533\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    SpaceX sheds $600 billion in three days and turns to the bond market<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2900768-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2900768\" data-cid=\"9792642\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Dubai is training its private sector in agentic AI \u2013 here&#8217;s why<br \/>\n  <\/h3>\n<div class=\"the-media-object__quote\">Partner content presented by <strong>Dubai Chambers<\/strong><\/div>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">One of Europe\u2019s largest military equipment producers, KNDS, rolled out long-awaited details of its initial public offering (IPO), aiming for a dual listing in Paris and Frankfurt in the coming weeks.The IPO could value KNDS, the maker of Leopard and Leclerc tanks, at between \u20ac12bn and \u20ac15bn, according to the Financial Times, potentially making it one of Europe&#8217;s largest defence listings in recent years.The listing comes at a time when European military budgets are surging, driven by the war in Ukraine and doubts over the reliability of the US as a security guarantor.The company declined to comment on the precise date, but CEO Jean-Paul Alary told reporters the offering was expected within weeks.According to Alary, the move comes as the continent enters what he called a new era of defence and security, with armed forces modernising rapidly and rebuilding the land-warfare capabilities run down during decades of lower spending.According to Reuters, the firm has now formally launched the IPO process, which is expected to take place in mid-July.The announcement comes days after Germany unveiled plans to acquire a 40% stake in KNDS, saying the move would secure long-term influence over a company it considers strategically important to European security and defence.France, which currently owns 50% of KNDS, is expected to reduce its stake to 40%.The remaining 20% of the company is set to be floated on the stock market, with France and Germany each retaining 40% stakes following the transaction.According to the Financial Times, the shares are expected to be marketed primarily to institutional investors amid strong demand for European defence stocks.Once the listing is completed, KNDS shares will begin trading on Euronext Paris and the Frankfurt Stock Exchange, giving investors direct exposure to one of Europe&#8217;s largest land-defence manufacturers.KNDS was created in 2015 through the merger of Germany&#8217;s Krauss-Maffei Wegmann and France&#8217;s Nexter.A growing headache for RheinmetallThe rapid emergence of the rival adds to the pressure on Rheinmetall, Europe&#8217;s largest ammunition maker and KNDS&#8217;s main competitor in subsectors such as land systems.The D\u00fcsseldorf-based group, whose shares have shed roughly a quarter of their value this year, had itself reportedly hoped to buy into KNDS, only to be shut out by the governments&#8217; intervention.To make matters worse, Berlin announced it would scrap Rheinmetall&#8217;s multi-billion-euro F126 frigate programme, which would have been Germany&#8217;s largest warship order since the Second World War, in favour of smaller vessels from rival builder TKMS.Rheinmetall, which had been poised to take over the project, fell 13% in early trading on Wednesday due to the news.The squeeze also coincides with regulatory scrutiny at home.Germany&#8217;s Monopolies Commission has warned that defence procurement is concentrated among a small number of suppliers, potentially weakening competition and driving up costs.Calling for reforms to procurement rules, commission chairman Tomaso Duso said competition was &#8220;the fundamental pillar of Europe&#8217;s economic order&#8221; and should play a greater role in the defence sector.A listed KNDS will give investors a direct yardstick against which to measure Rheinmetall&#8217;s order momentum and margins.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/business\/2026\/06\/24\/european-defence-ipo-knds-lays-out-listing-plans-that-could-value-it-at-up-to-15bn&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/81\/13\/57\/1200x675_cmsv2_55c8ce1c-ded5-5b0a-b4a5-c17b7317a90c-9811357.jpg&#8221;] Culture news Leonard Cohen estate slams &#8216;Hallelujah&#8217; use at Freedom 250 rally Travel News Central Asia\u2019s first Paragliding World Cup is taking place in Kazakhstan Iran IRGC warns ships over Hormuz routes as Rubio draws line on tolls Euronews Tech Talks How much do we know about microplastics? | Euronews Tech Talks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2011082","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2011082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2011082"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2011082\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2011082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2011082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2011082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}