KNDS, Europe's biggest land-defence group, has postponed its planned Frankfurt and Paris listing, blaming a slump in defence shares. Its €33.1bn order backlog — which includes the Jaguar and Griffon vehicles bound for the Luxembourg army — is unaffected.
China placed 10 US firms on its export-control list and barred 46 from government procurement on 22 June 2026, retaliating for the Pentagon's expanded list of 'Chinese military companies' and raising the temperature of a trade war that reaches export-dependent economies like Luxembourg's.
France and Germany have agreed to co-own armoured-vehicle maker KNDS as equal shareholders, ending a long-running governance dispute and opening the way to one of Europe's largest defence listings. Germany will buy a 40% stake from the company's German family owners, with a dual Frankfurt-Paris flotation targeted for July as EU rearmament spending accelerates.