Rheinmetall says Iveco military trucks deal delayed as Leonardo yet to close purchase (updated)
11/03/2026 15:34
Updates with background, adds Rheinmetall spokesperson BERLIN, March 11 (Reuters) - Rheinmetall's RHMG.DE handshake agreement to buy Iveco's IVG.MI military trucks operation from Italy's Leonardo LDOF.MI is facing a delay, said the CEO of the German defence company, Armin Papperger, in an analyst call on Wednesday. "The first deal between Iveco and Leonardo had a delay, and then our deal has also a delay," said Papperger, adding that Rheinmetall was in touch with Leonardo weekly on the subject. State-controlled Leonardo agreed last year to buy Iveco's IDV defence unit, a deal that cleared the way for India's Tata Motors TAMO.NS to buy the rest of Iveco in a deal valued at 3.8 billion euros ($4.40 billion). Leonardo CEO Roberto Cingolani had confirmed in February that the Italian firm's defence transaction with Iveco would be completed in the first quarter of 2026. A Rheinmetall spokesperson clarified that the German firm had expected Leonardo to hand over the military trucks operation by the end of March. However, because Leonardo has not yet closed its deal with Iveco, which would allow negotiations to begin with Rheinmetall, the German company has had to wait, the spokesperson added. "From Rheinmetall's perspective, there's been a delay." ($1 = 0.8639 euros) (Writing by Miranda Murray; editing by Matthias Williams and Madeline Chambers) ((Miranda.Murray@thomsonreuters.com;))