BERLIN, March 19 (Reuters) - KNDS CEO Jean-Paul Alary said the tank maker remains on track for a planned stock market listing this year despite political debate about the German government taking a stake in the company.
"There are no obstacles. The IPO is planned and we are on schedule," Alary told reporters late on Wednesday, adding that the listing would take place in 2026 if market conditions allow. He declined to give a precise date.
Bankers expect the multibillion-euro dual listing in Paris and Frankfurt – which could value KNDS at around 20 billion euros ($22.9 billion) – in June or July, with roughly 25% of shares to be floated.
Alary signalled that KNDS aims to raise fresh capital alongside a sale of existing shares.
"We can use this additional capital for investments" and potential acquisitions, he said, while reiterating that the group will stay focused on land systems.
Alary dismissed suggestions that rival Rheinmetall might use the IPO to build a stake, saying he saw no strategic value in such a move.
KNDS, formed from Germany's Krauss-Maffei Wegmann and France's Nexter, is jointly owned by the French state and Germany's Bode family. Berlin aims to acquire a blocking minority of at least 25%, though the timing remains open, according to sources.
($1 = 0.8724 euros)
Reporting by Alexander Huebner, Writing by Friederike Heine Editing by Ludwig Burger
Source: Reuters