Report: Krauss-Maffei-Wegmann to Lose Saudi Arms Contract
German defense technology group Krauss-Maffei-Wegmann is about to lose a contract worth at least 5.0 billion euros from Saudi Arabia, the daily Handelsblatt reported on Friday.
The Saudis are losing patience over Berlin's foot-dragging on a deal, worth $6.5 billion, to deliver 270 Leopard combat tanks, which is the subject of fierce controversy in Germany, the newspaper said.
As a result, Riyadh is considering awarding the contract to U.S. giant General Dynamics.
Handelsblatt also reported that KMW was in "advanced" merger talks with French rival Nexter.
Source: Agence France Presse, Associated Press
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