France and Germany reached a landmark agreement on Monday to take equal 40 per cent stakes in KNDS, the Franco-German tank manufacturer, paving the way for a dual-listed public offering in July and marking a decisive step toward reviving stalled European defence cooperation.

Under the deal announced on 22 June 2026, Berlin will acquire a 40 per cent holding in KNDS, matching the stake already held by Paris, while the founding families will exit entirely. The remaining 20 per cent will be floated on stock exchanges in Frankfurt and Paris, creating one of Europe’s most strategically significant defence companies. The listing is scheduled for July, according to Austrian daily *Der Standard* .

The accord follows months of negotiations aimed at overcoming persistent friction between the two governments over industrial control and strategic autonomy. French officials framed the move as a positive signal after the collapse of the FCAS next-generation fighter programme, while German Defence Minister Boris Pistorius described it as “an important step for European defence sovereignty” .

KNDS produces the Leopard 2 and Leclerc main battle tanks, the backbone of NATO’s armoured formations. The company’s dual-listing is expected to unlock fresh capital for modernisation while reinforcing supply-chain resilience across the continent. Analysts at *Le Monde* noted that the deal signals a pragmatic shift away from high-profile but troubled projects like FCAS toward more deliverable defence-industrial ventures .

The agreement also underscores Europe’s urgency in bolstering its defence posture amid Russia’s war in Ukraine and shifting US priorities. “We are not waiting for the future tank to materialise,” wrote *Libération*, highlighting the Main Ground Combat System (MGCS) as the next critical pillar of European armoured capability .

With the founding families exiting and institutional investors set to hold the remaining 20 per cent, the listing will create a publicly traded defence champion capable of competing globally. The dual-market debut is slated for July, subject to final regulatory approvals.

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Germany to take 40 stake in Leopard tank maker KNDS alongside France Berlin is preparing to buy a 40 stake in KNDS, the Franco-German group behind the Leopard and Leclerc battle tanks, putting it alongside France as a state shareholder in one of Europes most important defence firms.

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