Press release from the Competition Council regarding the economic concentration project concerning the joint takeover of the company “KNDS NV” by “Kreditanstalt für Wiederaufbau” (KfW) alongside the historical shareholder company “GIAT Industries SASU”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the summary of the operation below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible for it. Inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: “Kreditanstalt für Wiederaufbau” (KfW);
• The historical shareholder: The company “GIAT Industries SASU”;
• The target: The company “KNDS NV”.

Nature of the operation

• Joint takeover.

Economic sectors concerned

• Supply sector of artillery systems, related equipment, and after-sales services.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., May 25, 2026.

NON-CONFIDENTIAL SUMMARY PROVIDED BY THE PARTIES

The Competition Council received a notification of a concentration project consisting of the joint takeover of the company “KNDS NV” by the public law entity “Kreditanstalt für Wiederaufbau” (KfW), through the acquisition of 30% to 40% of its share capital alongside its historical shareholder, the company “GIAT Industries SASU”.

“KfW” is an entity governed by German federal public law, with its headquarters at Palmengartenstraße 5-9, 60325, in Frankfurt am Main, Germany. Its capital is 80% owned by the German federal government and 20% by the German Länder. “KfW” is a national development bank that promotes sustainable improvement of economic, environmental, and social conditions worldwide, with a particular focus on the German economy.

“GIAT Industries SASU” is a simplified joint-stock company with a single shareholder under French law, with its headquarters at 83, boulevard Exelmans, 75016 Paris, France, and registered with the Paris Trade and Companies Register under number 352.751.143. “GIAT Industries SASU” is 100% owned by the French State through the State Shareholding Agency and is a holding company holding the stake in KNDS NV, without engaging in any other economic activity.

“KNDS NV” is a Dutch public limited company, with its headquarters in Amsterdam, the Netherlands, and registered with the Dutch trade register under number 64277925. “KNDS NV” is active in the development, manufacturing, and support of a product portfolio ranging from highly protected wheeled armored vehicles to anti-aircraft and artillery systems, including battle tanks, infantry fighting vehicles, and bridge-laying systems.

 

Done in Rabat, May 14, 2026