Approved · Waiver · decided in 13 days, 4 June 2026
Germany's Kreditanstalt für Wiederaufbau, acting for the Federal Government, proposes to acquire a minority shareholding of up to 40% in KNDS N.V. KNDS is a Franco-German land defence sector business, manufacturing vehicles, artillery, and tanks. This share acquisition involves a state-owned bank.
Germany's state-owned promotional bank, Kreditanstalt für Wiederaufbau ( KfW ), acting pursuant to a Special Federal Mandate on behalf of the Federal Government of Germany, proposes to acquire a minority shareholding of up to 40% of the issued share capital of KNDS N.V. ( KNDS ). KfW is a public law institution ( Anstalt des öffentlichen Rechts ) based in Frankfurt and governed by the Law Concerning Kreditanstalt für Wiederaufbau (the KfW Act ). The Federal Republic of Germany holds 80% of the share capital of KfW, with the Federal States of Germany together holding the remaining 20%. KfW's mandate is to finance and promote sustainable development. KfW has no Australian subsidiary or physical presence in Australia. KNDS is a Franco-German business association in the land defence sector. KNDS, together with its subsidiaries, is active in the development, manufacture and support of a product portfolio ranging from highly protected wheeled vehicles through to antiaircraft and artillery systems to main battle tanks, infantry fighting vehicles and bridge laying systems. KNDS has no Australian subsidiary or physical presence in Australia. KNDS is currently jointly controlled by GIAT Industries S.A., France and Wegmann & Co. GmbH, which each hold 50% of its share capital. KfW proposes to acquire its interest in KNDS from Wegmann (which will retain a non-controlling minority stake in KNDS).