German union leader urges parity with France in KNDS IPO to protect industry interests

Saturday 11 April 2026 - 15:30

Germany must ensure equal ownership with France in the planned initial public offering of defense manufacturer KNDS, according to a senior German trade union figure, who warned that anything less could undermine national industrial interests.

Jürgen Kerner, deputy head of Germany’s powerful IG Metall union, said that parity in ownership between Germany and France is essential to safeguard domestic technology, employment, and strategic influence within the defense sector.

The IPO of KNDS, which produces the Leopard battle tank and other military systems, is expected to value the company at around €20 billion ($23 billion). The firm is currently jointly owned by the French state and the German family owners of former Krauss-Maffei Wegmann.

Kerner stressed that Berlin should not settle for a minority stake of around 25%, as this would fall short of ensuring equal influence with France. He argued that Germany must secure a stake comparable to France’s holding to maintain balance within the company’s governance structure.

The proposed listing is expected to take place in the coming months, with reports suggesting a potential timeline in June or July. Preparations are already underway in Berlin for a significant state investment as part of the process.

The debate highlights broader tensions over European defense consolidation, industrial sovereignty, and the strategic importance of military production capacity amid rising geopolitical uncertainty.