KNDS reaches agreement with Triton on transfer of Renk shares
BERLIN (Reuters) -Franco-German defence contractor KNDS has reached an amicable agreement with private equity group Triton on the transfer of shares in German gearbox maker Renk, it said Monday.
The parties have agreed that Triton would transfer 9.17 million shares to KNDS, allowing it to increase its shareholding in Renk to 15.84% from 6.7%, KNDS said in a statement.
The transfer gives KNDS about half of the shares for which the company had secured a purchase option earlier this year.
KNDS had filed a lawsuit against Triton in May in an attempt to force the private equity group to sell its shares at terms unfavourable for Triton due to a recent surge in Renk's shares.
Shares in Renk have soared by nearly two-thirds since KNDS said it exercised its call option on February 10, boosted by a broad surge in European defense stocks.
The parties had agreed not to disclose further details on the agreement, KNDS said in the Monday statement.
"Both parties will continue their good relationship in the future and collaborate in the best interest of Renk," KNDS said.
(Reporting by Alexander Huebner, Writing by Miranda Murray, Editing by Rachel More and Friederike Heine)
