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Leonardo Confirms Rheinmetall Talks for Iveco Defence Stake, Says Other Options Open
Italian defense firm Leonardo confirmed it remains in non-binding discussions with Germany's Rheinmetall regarding the potential sale of a stake in Iveco Defence Vehicles (IDV). However, company executives on Friday stressed that a deal is just one of several strategic alternatives being evaluated for the unit.
Deal Status and Other Suitors
Speaking on a post-results call, Chief Financial Officer Giuseppe Aurilio described the talks with Rheinmetall as being based on a "gentlemen’s agreement" with nothing formally binding. He positioned a potential sale as one of several options for the recently acquired IDV, rather than the only one under consideration.
Aurilio noted that the strong performance of IDV's truck business, which he described as growing and profitable, puts Leonardo in a better position to weigh different alternatives. Underscoring this flexibility, Chief Executive Lorenzo Mariani added that the group has also received enquiries from other parties interested in acquiring a part of IDV.
AdBroader Corporate Strategy
The discussions around IDV come as Leonardo advances other strategic initiatives. The company is continuing the restructuring of its aerostructures business, with Mariani confirming that plans for a joint venture are unchanged. However, the timeline for that deal has been delayed due to the conflict in the Middle East.
In its space division, Leonardo is preparing an antitrust filing with partners Thales and Airbus for the Bromo joint venture project on space exploration. Mariani also clarified for investors that the group's improving 2026 guidance is not a formal commitment to improving the financial targets of its overall industrial plan.
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