Roechling sells its stake in Rheinmetall
BERLIN --Roechling Industrie Verwaltung GmbH said Monday it has sold its majority stake in German defense and industrial group Rheinmetall AG for an undisclosed sum.
The Mannheim-based holding company said it sold its 73.7 percent stake of ordinary shares and its 10.48 percent stake of nonvoting preferred stock in Rheinmetall to a broad base of more than 75 institutional investors.
Rheinmetall, which makes the Puma and Leopard II tanks as well as automobile parts and other products, said it "looks forward to a constructive relationship with its new investors."
Shares in Duesseldorf-based Rheinmetall were up 4.2 percent to 38.97 euros ($51.78) in morning trading in Frankfurt. 