Reuters reveals Germany’s Rheinmetall bids for Leonardo’s OTO Melara cannon maker

Reuters revealed that Germany’s Rheinmetall has sent Italy’s Leonardo an offer for a minority stake in its OTO Melara cannon maker unit, valuing the whole business at almost 430 million euros. Leonardo put OTO Melara up for sale last year. The Russian invasion of Ukraine in February has since highlighted the need for more advanced ground combat systems and greater European spending and cooperation on defence.