Italy’s 5-Star lawmakers oppose sale of Leonardo units to Franco-German KNDS By Reuters2 min read

"imgCarousel" class="imgCarousel">
© Reuters. FILE PHOTO: The logo of defence group Leonardo in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse

ROME (Reuters) – Italian lawmakers from the co-ruling 5-Star Movement on Monday urged state-controlled defence group Leonardo to avoid selling two units to Franco-German consortium KMW+Nexter Defence Systems (KNDS).

KNDS is interested in buying Leonardo’s OTO Melara and Wass units, an Italian political source said on Friday, adding the government wanted to play a key role in the negotiations.

“We learn with concern that Leonardo has put the activities and plants of Oto Melara and Wass up for sale, with the high risk that they will end up with a Franco-German group,” several 5-Star lawmakers said in a statement.

“This is a prospect that we oppose because we are against the idea of our country selling off strategic companies abroad, which should instead remain public and under state control”.

OTO Melara and Wass, which make naval guns and torpedoes respectively, employ more than 1,500 workers at four Italian plants.

According to a separate government source, Rome is seeking a solution that preserves its national interests while leaving the doors open to international cooperation.

Italian shipbuilder Fincantieri is also in the running to buy the two Leonardo units, sources have told Reuters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Get more stuff like this

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Leave a Reply

I accept the Privacy Policy

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Pin It on Pinterest

Share This