{"id":78653,"date":"2026-05-07T16:39:11","date_gmt":"2026-05-07T16:39:11","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/78653\/"},"modified":"2026-05-07T16:39:11","modified_gmt":"2026-05-07T16:39:11","slug":"nemeckou-vladu-rozdeluji-obavy-z-francouzu-kvuli-akciim-velke-zbrojovky","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/78653\/","title":{"rendered":"N\u011bmeckou vl\u00e1du rozd\u011bluj\u00ed obavy z\u00a0Francouz\u016f. Kv\u016fli akci\u00edm velk\u00e9 zbrojovky"},"content":{"rendered":"

Zbroja\u0159sk\u00fd holding KNDS p\u0159ipravuje sv\u016fj vstup na burzu u\u017e od lo\u0148ska. Spolkov\u00e1 vl\u00e1da to pova\u017eovala za ide\u00e1ln\u00ed mo\u017enost, jak v\u00a0tomto strategicky d\u016fle\u017eit\u00e9m podniku z\u00edskat pod\u00edl. U\u017e te\u010f ho tam dr\u017e\u00ed Francie, zat\u00edmco N\u011bmecko\u00a0\u2013 kter\u00e9 syst\u00e9my od KNDS nakupuje a\u00a0mnoho z\u00a0nich se tam vyr\u00e1b\u00ed\u00a0\u2013 by cht\u011blo vliv Pa\u0159\u00ed\u017ee vyv\u00e1\u017eit.<\/p>\n

Kabinet Friedricha Merze se ale \u00fadajn\u011b nedok\u00e1\u017ee dohodnout na z\u00e1sadn\u00edch detailech a\u00a0n\u00e1kup akci\u00ed\u00a0dost mo\u017en\u00e1 nestihne. U\u017e proto, \u017ee nev\u00ed, kolik jich chce.<\/p>\n

N\u011bmecko cht\u011blo obchod uzav\u0159\u00edt je\u0161t\u011b p\u0159ed t\u00edm, ne\u017e se firma ofici\u00e1ln\u011b uvede na burzu. Podle intern\u00edch vl\u00e1dn\u00edch materi\u00e1l\u016f, ke kter\u00fdm se dostal den\u00edk Handelsblatt, mu ale na rozhodnut\u00ed a\u00a0proveden\u00ed transakce zb\u00fdv\u00e1 jen posledn\u00edch p\u00e1r t\u00fddn\u016f.<\/p>\n

KNDS vznikla spojen\u00edm soukrom\u00e9 n\u011bmeck\u00e9 firmy KMW a\u00a0francouzsk\u00e9 st\u00e1tn\u00ed zbrojovky Nexter. O\u00a0v\u0161em podstatn\u00e9m tak rozhoduj\u00ed rodinn\u00ed vlastn\u00edci v\u00a0kombinaci s\u00a0Elysejsk\u00fdm pal\u00e1cem. Ob\u011b strany vlastn\u00ed firmu p\u016fl na p\u016fl a\u00a0\u00fadajn\u011b nebudou \u010dekat, jestli se Berl\u00edn rozhodne vstoupit do hry.<\/p>\n

\u201eFrancie a\u00a0KNDS tla\u010d\u00ed na dodr\u017een\u00ed harmonogramu a\u00a0v sou\u010dasnosti trvaj\u00ed na uskute\u010dn\u011bn\u00ed IPO (prim\u00e1rn\u00edho \u00fapisu akci\u00ed\u00a0\u2013 pozn. red.) v\u00a0\u010dervnu 2026,\u201c cituje Handelsblatt z\u00a0intern\u00ed vl\u00e1dn\u00ed zpr\u00e1vy.<\/p>\n

KNDS<\/p>\n

Evropsk\u00e1 zbrojn\u00ed skupina, vznikl\u00e1 f\u00faz\u00ed n\u011bmeck\u00e9ho KMW a\u00a0francouzsk\u00e9ho Nexteru. Polovi\u010dn\u00ed pod\u00edl si v\u00a0n\u00ed dr\u017e\u00ed francouzsk\u00fd st\u00e1t, druhou p\u016flku spravuj\u00ed d\u011bdici n\u011bmeck\u00fdch spoluzakladatel\u016f.<\/p>\n

KNDS se zam\u011b\u0159uje na v\u00fdrobu obrn\u011bn\u00e9 techniky\u00a0\u2013 a\u0165 u\u017e tank\u016f Leopard 2\u00a0\u010di samohybn\u00fdch houfnic Caesar. Na oba tyto syst\u00e9my p\u0159ech\u00e1z\u00ed i\u00a0\u010desk\u00e1 arm\u00e1da. Koncern vedle toho vyr\u00e1b\u00ed i\u00a0tanky Leclerc a\u00a0houfnice PzH2000.\u00a0V\u00a0nab\u00eddce m\u00e1 i\u00a0obrn\u011bn\u00e9 transport\u00e9ry Boxer nebo Puma.<\/p>\n

V\u011bt\u0161ina v\u00fdroby je us\u00eddlen\u00e1 v\u00a011\u00a0hlavn\u00edch z\u00e1vodech v\u00a0N\u011bmecku a\u00a09\u00a0tov\u00e1rn\u00e1ch ve Francii. KNDS pat\u0159\u00ed mezi kl\u00ed\u010dov\u00e9 partnery evropsk\u00fdch arm\u00e1d a\u00a0taky mezi hlavn\u00ed dodavatele Ukrajiny. \u0158ada syst\u00e9m\u016f, kter\u00e9 evropsk\u00e9 st\u00e1ty napaden\u00e9 zemi poskytly, poch\u00e1z\u00ed pr\u00e1v\u011b z\u00a0jeho produkce (Leopard, Caesar, protivzdu\u0161n\u00e9 syst\u00e9my Gepard \u010di kolov\u00e1 vozidla AMX-10\u00a0RC).<\/p>\n

KNDS chce sv\u00e9 akcie nab\u00eddnout na burze v\u00a0Amsterodamu\u00a0\u2013 podobn\u011b, jako to v\u00a0lednu ud\u011blala zbrojn\u00ed skupina CSG\u00a0\u2013 a\u00a0tento pl\u00e1n ozn\u00e1mila zainteresovan\u00fdm osob\u00e1m v\u00a0dostate\u010dn\u00e9m p\u0159edstihu.<\/p>\n

N\u011bmecko-francouzsk\u00fd koncern o\u010dek\u00e1v\u00e1, \u017ee jeho hodnota by t\u00edm m\u011bla dos\u00e1hnout zhruba 500\u00a0miliard eur (v p\u0159epo\u010dtu asi 12\u00a0bilion\u016f korun), a\u00a0firma by se t\u00edm za\u0159adila mezi 10\u00a0nejv\u011bt\u0161\u00edch zbrojovek v\u00a0Evrop\u011b.<\/p>\n

Jej\u00ed o\u010dek\u00e1van\u00e1 valuace je mimochodem ni\u017e\u0161\u00ed ne\u017e ta, kter\u00e9 v\u00a0lednu dos\u00e1hla CSG. Tu investo\u0159i p\u0159i uveden\u00ed na burzu ocenili na 25\u00a0miliard eur. Tato \u010d\u00e1stka ale od t\u00e9 doby v\u00fdrazn\u011b klesla a\u00a0nyn\u00ed se pohybuje pod p\u0159edpokl\u00e1danou hodnotou KNDS.<\/p>\n

N\u011bmeck\u00e1 vl\u00e1da i\u00a0p\u0159es vysok\u00e9 n\u00e1klady nazna\u010dovala, \u017ee by cht\u011bla v\u00a0KNDS cht\u011bla z\u00edskat v\u00fdrazn\u00fd pod\u00edl. Jednotliv\u00e1 ministerstva se pr\u00fd ale nedok\u00e1\u017eou dohodnout na jeho m\u00ed\u0159e.<\/p>\n

<\/a><\/p>\n

Zat\u00edmco kancl\u00e9\u0159 Merz \u010di ministerstvo hospod\u00e1\u0159stv\u00ed jsou pro n\u00e1kup zhruba 30\u00a0procent akci\u00ed, ministr obrany Boris Pistorius podle informac\u00ed Handelsblattu tla\u010d\u00ed na odkoupen\u00ed a\u017e 40\u00a0procent firmy.<\/p>\n

Dohodu zt\u011b\u017euj\u00ed obavy z\u00a0Francouz\u016f<\/p>\n

KNDS sleduje sv\u00fdm uveden\u00edm na burzu i\u00a0jeden intern\u00ed c\u00edl. D\u011bdici n\u011bmeck\u00fdch spoluzakladatel\u016f se cht\u011bj\u00ed z\u00a0firmy st\u00e1hnout, a\u00a0d\u00edky IPO by mohli na prodeji sv\u00e9ho pod\u00edlu v\u00edc vyd\u011blat.<\/p>\n

Francouzsk\u00fd st\u00e1t si ale svou polovinu m\u016f\u017ee zcela ponechat, a\u00a0podle n\u011bmeck\u00e9ho ministra Pistoriuse je nutn\u00e9, aby si Berl\u00edn vybudoval dostate\u010dn\u011b silnou pozici. Podobn\u011b to vid\u00ed i\u00a0n\u011bmeck\u00e9 odbory, pro kter\u00e9 je budoucnost KNDS kl\u00ed\u010dov\u00e1.<\/p>\n

Velk\u00e1 \u010d\u00e1st tov\u00e1ren stoj\u00ed ve spolkov\u00e9 republice a\u00a0z\u00e1stupci zam\u011bstnanc\u016f maj\u00ed obavy z\u00a0toho, a\u017e se z\u00a0koncernu st\u00e1hnou jeho n\u011bme\u010dt\u00ed spoluvlastn\u00edci. Odbor\u00e1\u0159i tak Berl\u00edn nab\u00e1daj\u00ed k\u00a0n\u00e1kupu co nejv\u011bt\u0161\u00edho pod\u00edlu, p\u0159esto\u017ee by teoreticky sta\u010dilo 25\u00a0procent, d\u00edky kter\u00fdm by N\u011bmecko mohlo blokovat kl\u00ed\u010dov\u00e1 rozhodnut\u00ed.<\/p>\n

\u201eI kdyby byla Francie p\u0159ipraven\u00e1 sn\u00ed\u017eit sv\u016fj pod\u00edl na, \u0159ekn\u011bme, 40\u00a0procent, pak by blokuj\u00edc\u00ed men\u0161ina ve v\u00fd\u0161i 25\u00a0procent nesta\u010dila. Jinak toti\u017e N\u011bmecku hroz\u00ed, \u017ee v\u00a0pr\u016fb\u011bhu IPO p\u0159ijde o\u00a0kontrolu nad kl\u00ed\u010dovou spole\u010dnost\u00ed,\u201c \u0159ekl agentu\u0159e Reuters J\u00fcrgen Kerner z\u00a0veden\u00ed odborov\u00e9 centr\u00e1ly IG Metall.<\/p>\n

Francie p\u0159istupuje ke zbrojn\u00edmu pr\u016fmyslu specificky a\u00a0\u0159\u00edd\u00ed se p\u0159edev\u0161\u00edm vlastn\u00edmi z\u00e1jmy. \u010casto i\u00a0na \u00fakor spole\u010dn\u00fdch evropsk\u00fdch projekt\u016f.<\/p>\n

<\/a><\/p>\n

V minulosti takto vystoupila z\u00a0programu st\u00edha\u010dky Eurofighter, proti kter\u00e9 vyvinula vlastn\u00ed konkuren\u010dn\u00ed stroj Rafale, a\u00a0podobn\u00fd sc\u00e9n\u00e1\u0159 hroz\u00ed p\u0159i i\u00a0v\u00fdvoji nov\u00e9ho evropsk\u00e9ho letounu FCAS. Pa\u0159\u00ed\u017e se nezapoj\u00ed ani do budov\u00e1n\u00ed evropsk\u00e9ho protiraketov\u00e9ho \u0161t\u00edtu.<\/p>\n

Podle Handelsblattu, kter\u00fd mluvil s\u00a0\u0159adou lid\u00ed ze st\u00e1tn\u00ed spr\u00e1vy i\u00a0ze zbrojn\u00edho byznysu, se podobn\u00e9 hrozby nedaj\u00ed vylou\u010dit ani u\u00a0KNDS. Francie by v\u00a0koncernu po IPO mohla m\u00edt siln\u011bj\u0161\u00ed pozici a\u00a0p\u0159izvat do n\u011bj sp\u0159\u00edzn\u011bn\u00e9 firmy. <\/p>\n

N\u011bmeck\u00e9 vl\u00e1dn\u00ed materi\u00e1ly nevylu\u010duj\u00ed zapojen\u00ed italsk\u00e9ho koncernu Leonardo, \u010d\u00edm\u017e by se z\u00a0KNDS mohla st\u00e1t protiv\u00e1ha n\u011bmeck\u00e9ho Rheinmetallu.<\/p>\n

Dal\u0161\u00ed komplikac\u00ed jsou bl\u00ed\u017e\u00edc\u00ed se francouzsk\u00e9 prezidentsk\u00e9 volby. U\u017e samotn\u00e1 kampa\u0148 by mohla v\u00fdrazn\u011b ovliv\u0148ovat kroky st\u00e1vaj\u00edc\u00ed vl\u00e1dy. A\u00a0v p\u0159edvolebn\u00edch pr\u016fzkumech nav\u00edc jasn\u011b vede l\u00eddr pravicov\u00e9ho N\u00e1rodn\u00edho sdru\u017een\u00ed Jordan Bardella.<\/p>\n

Do \u010dasov\u00e9ho tlaku to m\u016f\u017ee v\u00e9st nejen N\u011bmecko, ale i\u00a0prezidenta Emmanuela Macrona.<\/p>\n

KNDS vy\u0161et\u0159uje mo\u017enou korup\u010dn\u00ed kauzu<\/p>\n

Samotn\u00e1 KNDS m\u00e1 nyn\u00ed nejv\u00edce zak\u00e1zek od dob studen\u00e9 v\u00e1lky. Titul\u016fm zbrojn\u00edch firem se nav\u00edc da\u0159\u00ed i\u00a0na akciov\u00fdch trz\u00edch a\u00a0tak\u00e9 lednov\u00e9 IPO skupiny CSG potvrdilo, \u017ee je o\u00a0tyto podniky mimo\u0159\u00e1dn\u00fd z\u00e1jem mezi investory.<\/p>\n

<\/a><\/p>\n

KNDS t\u00edm sp\u00ed\u0161 nem\u00e1 d\u016fvod \u010dekat, a\u017e si n\u011bmeck\u00e1 vl\u00e1da ujasn\u00ed svou pozici. \u010casu na dojedn\u00e1n\u00ed obchodu j\u00ed moc nezb\u00fdv\u00e1. Cena za prodej pod\u00edlu, kter\u00fd se domluv\u00ed je\u0161t\u011b p\u0159ed samotnou IPO, b\u00fdv\u00e1 obvykle ni\u017e\u0161\u00ed ne\u017e po uveden\u00ed na burzu, kdy se p\u0159\u00edstup k\u00a0akci\u00edm otev\u0159e v\u0161em z\u00e1jemc\u016fm.<\/p>\n

Pro vlastn\u00edky KNDS tak m\u016f\u017ee b\u00fdt v\u00fdhodn\u011bj\u0161\u00ed, kdy\u017e N\u011bmecko svou p\u0159\u00edle\u017eitost promarn\u00ed.<\/p>\n

Jednou z\u00a0m\u00e1la v\u011bc\u00ed, kter\u00e9 by mohly harmonogram posunout a\u00a0Berl\u00ednu d\u00e1t v\u00edc \u010dasu, je vy\u0161et\u0159ov\u00e1n\u00ed uvnit\u0159 koncernu. Jako prvn\u00ed o\u00a0n\u011bm koncem dubna informoval magaz\u00edn Spiegel. D\u016fvodem je podez\u0159en\u00ed z\u00a0korupce p\u0159i sjedn\u00e1v\u00e1n\u00ed velk\u00e9ho kontraktu s\u00a0Katarem.<\/p>\n

KNDS tam v\u00a0roce 2013\u00a0z\u00edskal objedn\u00e1vku v\u00a0p\u0159epo\u010dtu za nyn\u011bj\u0161\u00edch 46\u00a0miliard korun a\u00a0Kataru prodal des\u00edtky tank\u016f Leopard 2\u00a0a\u00a0samohybn\u00fdch houfnic PzH 2000.\u00a0U\u017e tehdy panovaly obavy, \u017ee ve vyjedn\u00e1v\u00e1n\u00ed sehr\u00e1ly svou roli \u00faplatky a\u00a0kauzu te\u010f pro\u0161et\u0159uj\u00ed extern\u00ed poradci.<\/p>\n

Koncernu kv\u016fli tomu chyb\u00ed kl\u00ed\u010dov\u00fd dokument, bez kter\u00e9ho se vstup na burzu neobejde. Auditorsk\u00e1 firma PwC odm\u00edtla KNDS podepsat \u00fa\u010detn\u00ed uz\u00e1v\u011brku za rok 2025\u00a0a\u00a0\u010dek\u00e1, jak vy\u0161et\u0159ov\u00e1n\u00ed dopadne.<\/p>\n

Zbrojn\u00ed koncern nicm\u00e9n\u011b uji\u0161\u0165uje, \u017ee uz\u00e1v\u011brka by m\u011bla b\u00fdt podepsan\u00e1 je\u0161t\u011b b\u011bhem kv\u011btna\u00a0\u2013 v\u010das na to, aby se u\u017e od l\u00e9ta mohlo s\u00a0jeho akciemi obchodovat ve\u0159ejn\u011b.<\/p>\n","protected":false},"excerpt":{"rendered":"Zbroja\u0159sk\u00fd holding KNDS p\u0159ipravuje sv\u016fj vstup na burzu u\u017e od lo\u0148ska. Spolkov\u00e1 vl\u00e1da to pova\u017eovala za ide\u00e1ln\u00ed mo\u017enost,…\n","protected":false},"author":2,"featured_media":78654,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[12117,115,378,114,25313,375,12929,54,25312,3564,53,52,4933,2280],"class_list":{"0":"post-78653","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-svet","8":"tag-boris-pistorius","9":"tag-emmanuel-macron","10":"tag-francie","11":"tag-friedrich-merz","12":"tag-houfnice-caesar","13":"tag-nemecko","14":"tag-prvni-verejna-nabidka-akcii-ipo","15":"tag-svet","16":"tag-tank-leopard","17":"tag-vojenska-technika","18":"tag-world","19":"tag-world-news","20":"tag-zbrojeni","21":"tag-zbrojni-prumysl"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116534284385039190","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/78653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=78653"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/78653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/78654"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=78653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=78653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=78653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}