France and Germany announce a deal establishing joint governance of KNDS, an Amsterdam-headquartered arms maker. The agreement is intended to give the two countries equal stakes in the company’s governance, according to reports. The governments present the move as part of broader efforts to strengthen European defence cooperation, which they describe as currently faltering. With the governance framework in place, the deal opens the door to an initial public offering (IPO) for KNDS, which multiple outlets describe as one of the major IPOs expected in Europe this year. One report says KNDS could be valued at between 15 and 20 billion euros, though the exact valuation and timing for any share offering are not detailed in the provided accounts. Overall, the reporting focuses on the governments’ coordination over control of the company and the resulting pathway to a stock market listing, linking the governance agreement to expectations for a large-scale public offering.