The company blamed the delay on unfavourable market conditions
French-German tank maker KNDS said Tuesday it was delaying a planned stock market flotation in Paris and Frankfurt due to unfavourable market conditions.
France and Germany had recently struck a deal outlining the joint governance of the maker of Leopard and Leclerc tanks and other land systems, with both countries to hold equal stakes.
The planned IPO, announced less than a week ago, was supposed to be one of the most significant recent stock market listings in European defence, with trading planned in Paris and Frankfurt and a valuation between 15 and 18 billion euros ($20 billion), according to Bloomberg.
“In light of current market volatility for the European Defence sector, KNDS… announces that its shareholders have informed the Company of their intention to resume the Initial Public Offering process upon the return of more favourable market conditions,” a company statement said.
