Rheinmetall reports delay in Iveco truck unit deal
Rheinmetall reports a delay in buying Iveco's truck unit from Leonardo. The deal is stalled as Leonardo has not yet closed its own purchase of the business.
Rheinmetall AG has announced a delay in its handshake agreement to acquire military truck operations from Italy-based LEONARDO SPA. The setback is linked to a pending transaction between Leonardo and IVECO GROUP NV, which must be finalized before the subsequent sale to the German firm can proceed. Armin Papperger, the CEO of the Germany-based Rheinmetall AG, confirmed the delay during an analyst call on Wednesday, noting that the company remains in weekly contact with Leonardo regarding the matter. > "The first deal between Iveco and Leonardo had a delay, and then our deal has also a delay." The transaction is part of a larger industrial reshuffle where LEONARDO SPA agreed last year to purchase the IDV defense unit from IVECO GROUP NV. This agreement is a critical step that allows India's Tata Motors to move forward with a separate acquisition of the remaining Iveco business, a deal valued at approximately 3.8 billion euros ($4.40 billion). Leonardo CEO Roberto Cingolani indicated in February that the firm’s defense deal with Iveco is expected to close in the first quarter of 2026. While Rheinmetall AG had initially anticipated the handover of the military trucks operation by the end of March, the company must now wait for the preceding deal to conclude before formal negotiations can begin.
