German government not planning to take stake in TKMS, reports Handelsblatt ...Middle East

News by : (Daily Sun) -

According to the report, the chancellery as well as the ministries involved have agreed not to push for state involvement at this time, something Thyssenkrupp’s labour leaders have called for.

Thyssenkrupp has said in the past that government participation was no precondition for any divestment of TKMS and that a planned spin-off of the business - expected to take place by the end of the year - would go ahead regardless.

Germany’s economy and defence ministries did not immediately respond to emailed requests for comment.

The agreement would also include a right of first refusal for the government if a strategic investor wanted to buy into TKMS, though that is not expected, the paper said.

TKMS, which makes submarines and frigates as well as sensor and mine-hunting technology, has been benefiting from a broader surge in defence stocks, boosted by higher military spending in Europe amid fears of dwindling U.S. support.

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