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☆ Leonardo CEO discusses the 'big technology challenge' facing the defense sector
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLeonardo CEO discusses the 'big technology challenge' facing the defense sectorRoberto Cingolani, CEO of Leonardo, discusses the European defence firm's full-year earnings, how the sector should move from weaponry to security, and how AI and digitalization could affect the industry.

Persons: Leonardo, Roberto Cingolani

☆ Leonardo CEO says fragmentation does not help European defence
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLeonardo CEO says fragmentation does not help European defenceRoberto Cingolani, CEO of defense group Leonardo, argues for focused and robust investment into a unified European defence platform.

Persons: Leonardo, Roberto Cingolani

☆ Belgian PM Backs EU Bonds to Boost Defence Spending
▼ + stars: | 2024-02-16 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +4 min

By Andrew GrayBRUSSELS (Reuters) - Joint European Union borrowing could help fund higher defence spending but governments would still have to make tough political choices to sustain it, Belgian Prime Minister Alexander De Croo said. To succeed, proponents will need to convince those traditionally sceptical of EU joint borrowing such as Germany, the Netherlands and Nordic nations. European defence spending has been on an upward curve since Russia first invaded Ukraine and seized Crimea in 2014. NATO said on Wednesday it expected defence spending by its European members would grow by $33 billion this year to $380 billion. Last year, NATO estimated Belgium would spend 1.13 % of GDP on defence in 2023, second lowest among NATO members.

Persons: Andrew Gray BRUSSELS, Alexander De Croo, Donald Trump, Kaja Kallas, Emmanuel Macron, Charles Michel, De Croo, Croo, Thierry Breton, Andrew Gray, John Irish, Alex Richardson Organizations: European Union, Belgian, NATO, Estonian, European, Reuters, Munich Security Conference, Nordic, European Defence Fund, EU Locations: European, Ukraine, Munich, Germany, Netherlands, EU, Russia, Crimea, Belgium, Europe, France, Paris

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsROME, Nov 15 (Reuters) - Italy's Leonardo (LDOF.MI) is trimming its stake in U.S. unit DRS (DRS.O) as new CEO Roberto Cingolani looks to expand the state-controlled group with major roles in European defence projects. Two sources at Leonardo confirmed that the DRS deal was part of that strategy. Cingolani, a former government minister who became CEO in May, has embraced the need to create broader European alliances to take advantage of rising defence budgets. It has pointed to its cross-border MBDA European missile company joint venture with Airbus (AIR.PA) and BAE Systems (BAES.L) as a model for the projects. Some analysts expressed surprise that the company was reducing its stake in DRS, acquired 15 years ago in a $5.2 billion deal when the Italian group was known as Finmeccanica.

Persons: Leonardo, Dado Ruvic, Roberto Cingolani, Cingolani, Intesa Sanpaolo, Leonardo's, Nick Cunningham, Giulia Segreti, Armellini, Kirsten Donovan Organizations: REUTERS, Rights, DRS, Global Combat Air, Leopard, Airbus, BAE Systems, Agency Partners, Thomson Locations: U.S, East, Europe, Italy, Britain, Japan, Leonardo's Milan, Italian, Rome

UKRAINE DIVERSIONReuters spoke to around a half dozen Czech and Polish defence companies and government officials who described renewed efforts to carve out a bigger share of the African arms market as the Ukraine conflict diverts Russia's attention. Privately-held defence and civil manufacturing company Czechoslovak Group - the biggest Czech defence company - said its ability to maintain and modernize armoured vehicles using Soviet-era standards has helped it win business in Africa. ...in Poland where our stand was visited by numerous delegations from African countries that appeared here for the first time," WB Group spokesman Remigiusz Wilk said. The effort to supply Ukraine has pushed Czech companies to boost production and expand supply lines, something Czech-based independent defence analyst Lukas Visingr said has burnished the region's reputation. "The Czech arms industry is stepping up its efforts towards certain African countries still using Soviet-style equipment but who start to see Russia as a problematic supplier," Visingr said.

Persons: David W Cerny, Jiri Hynek, Filip Kulstrunk, Andrej Cirtek, Pieter Wezeman, Sebastian Chwalek, –, Remigiusz Wilk, Petr Fiala, Tomas Pojar, Tomas Kopecny, Kopecny, Lukas Visingr, Visingr, Michael Kahn, Anna Koper, Alex Richardson Organizations: Aero Vodochody, REUTERS, Western, Central, Russia Czech, Defence, Western NATO, Warsaw, Defence and Security Industry Association of, Reuters, Aero, Privately, Czechoslovak Group, CSG, Stockholm International Peace Research Institute, WB Group, WB, Ivory, Thomson Locations: Odolena Voda, Czech Republic, Russia, Africa, PRAGUE, WARSAW, European, Western, Czechoslovakia, Czech, UKRAINE, Polish, Ukraine, Stockholm, China, Saharan Africa, Poland's, Poland, Ethiopia, Kenya, Ghana, Prague, Mozambique

☆ Middle East violence rattles markets, oil jumps
▼ + stars: | 2023-10-09 | by ( Reuters Staff | ) www.reuters.com time to read: +5 min

MARKET REACTION:- Oil prices surged, with Brent crude trading at $87.25 a barrel - up over 3% on the day. COMMENTS:MOHIT KUMAR, CHIEF EUROPE ECONOMIST, JEFFERIES, LONDON:“The coming days are likely to be driven by geopolitical risks, rather than fundamentals. “Second, OPEC countries do have spare capacity that they restrict willingly to maintain oil price at above $80 (per barrel), but they don’t necessarily think of tripling oil prices – which would only accelerate the energy transition. “This being said, potential retaliation against Tehran is a serious upside risk for oil prices. We will keep an eye on developments, but don’t speculate on a full-blast rise in oil prices for now.”

Persons: Mohammed Salem, Israel’s shekel, MOHIT KUMAR, JEFFERIES, ”, ” CHRIS BEAUCHAMP, Brent, WTI, CAROL KONG, JPY, ” MICHAEL HEWSON, ALVIN TAN, Blinken, “, ” IPEK OZKARDESKAYA, Israel Organizations: Oil, REUTERS, Brent, U.S, Treasury, British Airways, LONDON, Russo, COMMONWEALTH BANK OF, CMC, U.S ., OF, OF ASIA FX, RBS, SWISSQUOTE BANK Locations: Israel, Gaza, Egypt, Yom, EUROPE, Iran, Ukrainian, SYDNEY, Asia, Japan, Straits, Hormuz, OF ASIA, ” “, GENEVA, OPEC, U.S, Tehran

☆ EU's Borrell, in Kyiv, Says Bloc Is Preparing Long-Term Security Pledges
▼ + stars: | 2023-10-01 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) -European Union foreign policy chief Josep Borrell said during a visit to Kyiv on Sunday that Ukraine needed more military aid and he promised ongoing EU support. "Ukraine needs more capabilities & needs them faster," he said in a statement posted on X, the platform formerly known as Twitter. He said he had discussed "continuous EU military assistance" during his first in-person meeting with Defence Minister Rustem Umerov. "We are preparing long-term security commitments for Ukraine," Borrell added. He said their discussions of EU military aid to Ukraine covered "artillery & ammunition, air defense, EW & long-term assistance programs, trainings, and defence industry localization" in Ukraine.

Persons: Josep Borrell, Rustem Umerov, Borrell, Volodymyr Zelenskiy, Elaine Monaghan, Hugh Lawson, William Maclean Organizations: Reuters, Union, Twitter, Defence, Ukraine, European Defence Agency Locations: Kyiv, Ukraine, Washington

BRUSSELS, Sept 29 (Reuters) - Seven EU countries have ordered ammunition under a landmark European Union procurement scheme to get urgently needed artillery shells to Ukraine and replenish depleted Western stocks, according to the EU agency in charge. The scheme was set up as part of a plan worth at least 2 billion euros, launched in March with the aim of getting a million shells and missiles to Ukraine within a year. "Seven Member States have already placed orders for 155mm ammunition through the EDA’s fast-track procedure," the agency said in response to questions from Reuters. NATO Secretary General Jens Stoltenberg said in Kyiv on Thursday that the alliance now had overarching framework contracts for 2.4 billion euros' ($2.5 billion) worth of key ammunition, including 1 billion euros of firm orders. The EDA said the EU deals were for both complete shells and for components such as fuses, projectiles, charges and primers.

Persons: Jens Stoltenberg, France’s CAESAR, Poland’s, Germany’s, Andrew Gray Organizations: EU, European Union, European Defence Agency, States, Reuters, NATO, Peace, Andrew Gray Our, Thomson Locations: BRUSSELS, Ukraine, EU, Lithuania, Luxembourg, Kyiv, Europe, Ukrainian

☆ Opinion: US hesitancy on weapons extends the fighting in Ukraine
▼ + stars: | 2023-09-20 | by ( Sheena Mckenzie | Opinion Keir Giles | ) edition.cnn.com time to read: +8 min

He is the author of “Russia’s War on Everybody: And What it Means for You.” The views expressed in this commentary are his own. CNN —Russia’s war on Ukraine will soon enter another winter. And as the fighting drags on into 2024 and potentially beyond, Western backers will find it ever harder to provide what Ukraine needs. The US’s generous support for Ukraine is under threat from political trends there even before a potential change of presidency. But making Ukraine stronger is a key ingredient for Europe’s long-term security as well as for the outcome of the present war.

Persons: Keir Giles, “, CNN —, Keir Giles Munira, Abrams, —, It’s, there’s, Volodymyr Zelensky, it’s, Vladimir Putin Organizations: Chatham House, CNN, Patriot, West, Tactical Missile Systems, UN, Challenger, British Army, Twitter, Facebook Locations: Russia, Eurasia, Ukraine, Washington, Germany, America, Sweden, Russian, Crimea, China, Europe

☆ Germany Forges Pact for Leopard 2 Successor in Snub to Paris - Handelsblatt
▼ + stars: | 2023-09-06 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

BERLIN (Reuters) - Germany has signed agreements with Italy, Spain and Sweden on the development of a successor to the Leopard 2 tank, German business daily Handelsblatt reported on Wednesday. The initiative is to take place under the leadership of Krauss-Maffei Wegmann (KMW) and Rheinmetall, the German arms makers building the Leopard 2, Handelsblatt reported, citing unnamed industry and political sources. The German defence ministry did not immediately respond to a request for comment. The defence ministry in Paris and the office of President Emmanuel Macron did not immediately respond to requests for comment. It cited French government sources as saying the topic would be raised at Franco-German government consultations scheduled for the start of October.

Persons: French Leclerc, Maffei, Handelsblatt, Sweden's, Italy's Leonardo, Emmanuel Macron, Friederike Heine, Sabine Siebold, Michel Rose, Andrew Cawthorne, Alison Williams Organizations: BERLIN, Krauss, Rheinmetall, European Defence Fund, Sweden's Saab, Franco Locations: Germany, Italy, Spain, Sweden, France, Berlin, Franco, French, Spanish, Europe, U.S, Africa, Russia, Paris

☆ Germany forges pact for Leopard 2 successor in snub to Paris, Handelsblatt reports
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +3 min

BERLIN, Sept 6 (Reuters) - Germany has signed agreements with Italy, Spain and Sweden on the development of a successor to the Leopard 2 tank, German business daily Handelsblatt reported on Wednesday. The German defence ministry did not immediately respond to a request for comment. The delays to the proposed Franco-German project have strained ties already tested by differences over energy topics and the question to what extent Europe should become independent from the U.S. in its security policy. The defence ministry in Paris and the office of President Emmanuel Macron did not immediately respond to requests for comment. It cited French government sources as saying the topic would be raised at Franco-German government consultations scheduled for the start of October.

Persons: French Leclerc, Maffei, Handelsblatt, Sweden's, Italy's Leonardo, Emmanuel Macron, Friederike Heine, Sabine Siebold, Michel Rose, Andrew Cawthorne, Alison Williams Organizations: Krauss, Rheinmetall, European Defence Fund, Sweden's Saab, Franco, Thomson Locations: Germany, Italy, Spain, Sweden, France, Berlin, Franco, French, Spanish, Europe, U.S, Africa, Russia, Paris

☆ Airbus CEO says Europe is failing to work together on defense despite 'new threats'
▼ + stars: | 2023-07-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The chief executive of Airbus has called a lack of European collaboration on major defense projects following Russia's full-scale invasion of Ukraine "frustrating." "That's very challenging, and it's quite frustrating to see that the responses that have been provided so far are mostly of a national nature and not much of a European nature," he said Wednesday. "That's something we think Europe should reconsider and be more consistent, when it comes to working together on large programs." Earlier this month, Michael Schoellhorn, Airbus' defense chief, said in a Financial Times interview that political discussions about steps toward European defence programs had so far been "lip service." Airbus results Wednesday showed that revenues at its defense and space division fell 8% which it attributed to "delays in Space Systems and delivery phasing in Military Air Systems."

Persons: Guillaume Faury, CNBC's Charlotte Reed, Faury, Michael Schoellhorn, Schoellhorn Organizations: Airbus, Air System, Financial Times, Space Systems, Military Air Systems Locations: Ukraine, France, Germany, Europe, European

☆ Berlin and Paris 'missing in action' as EU lacks leadership in defence, report says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

"The crucial capability gap in European defence is still political leadership," the Munich Security Report on European Defence said. The annual Munich Security Conference, usually held in February, is an influential global gathering of top policymakers and analysts to debate defence and security challenges. The report said Germany and France in particular were "missing in action" at a time when European Commission chief Ursula von der Leyen and EU top diplomat Josep Borrell are driving EU support for Kyiv and joint procurement initiatives. "Under the (Chancellor Olaf) Scholz government, Germany has faced recurrent criticism for its absence in EU defence questions," it said. "The onus is on Germany and France to win back trust," the report said, adding that time was of the essence in speeding up defence cooperation.

Persons: Emmanuel Macron, Olaf Scholz, Sarah Meyssonnier, Ursula von der Leyen, Josep Borrell, Chancellor Olaf, Scholz, Sabine Siebold, Mark Heinrich Our Organizations: Weimar, REUTERS, Munich Security, European Defence, Munich Security Conference, European Commission, Kyiv, Thomson Locations: Paris, France, BERLIN, Germany, Europe, Ukraine, Munich, Russia

SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.

Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish

☆ Morning Bid: World markets calm after Russia drama
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +5 min

More perplexed by events than anything else, world markets stayed relatively calm on Monday after a dramatic Russian military mutiny at the weekend was uneasily quelled. For Russian markets themselves, the rouble slipped to 15-month lows - but it too had been falling last week as oil prices ebbed. Largely now isolated from western investment, Russian stocks fell about 1%. U.S. Treasury yields slipped lower, perhaps with a smidgen of a safety bid from the weekend events helping too. Turkey's lira slid again to record lows after the central bank took steps to simplify rules governing lenders' holdings and foreign deposits after a sharp but underwhelming interest rate rise last week.

Persons: Mike Dolan, uneasily, Vladimir Putin, Leonardo, Raphael Bostic, James Bullard, Loretta Mester, Ed Osmond Organizations: Wall, Saab, Rheinmetall, Brent, . U.S, Treasury, Bank for International Settlements, HSBC, Dallas Federal, Central Bank, Central Banking, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, PMI, Thomson, Reuters Locations: U.S, Ukraine, Moscow, Shanghai, Europe, United States, ., Canary Wharf, London, Sintra, Portugal

PARIS, June 19 (Reuters) - Ukraine is in negotiations with Western arms manufacturers to boost production of weapons, including drones, and could sign contracts in coming months, a Ukrainian minister told Reuters. Since Russia's invasion of Ukraine last year Ukraine has been scrambling to secure weapons ranging from munitions to rocket launchers to missiles. "That's why we think international partners coming to Ukraine, setting up production and making Ukraine part of the security framework for the free world is so essential." And some of the companies say that they are willing to come and invest and produce drones," he said. But Boyev is hopeful that the country can attract foreign drone makers and said the Ukraine government could offer substantial support.

Persons: Sergiy Boyev, Boyev, Volodomyr Zelenskiy, dronemakers, Baykar, Joanna Plucinska, Valerie Insinna, Olena Harmash, Susan Fenton Organizations: Strategic Industries, Kyiv, Reuters, Ukraine's, British, BAE Systems, Paris, Thomson Locations: Ukraine, Western, Ukrainian, United States, Germany, Britain, Italy, France, Europe, Paris, Kyiv, Turkish, Russia, Moscow, Turkey, Norway, European

☆ Macron tells Eastern Europe - we should have listened to you over Russia
▼ + stars: | 2023-05-31 | by ( Michel Rose | ) www.reuters.com time to read: +2 min

PARIS, May 31 (Reuters) - President Emmanuel Macron acknowledged on Wednesday that France should have paid more attention to Eastern European nations, which warned about a belligerent Russia before Moscow's forces invaded Ukraine. Macron told a security forum there should be no division between "Old Europe" and "New Europe", referring to enduring divergences between eastern and western European Union members over matters such as Russia. "Let's be grateful and say thank you to the United States. Macron said Russia had suffered clear setbacks in the war, including Finland's accession to NATO and losing legitimacy on the global stage. We can see that what was supposed to be a 'special operation' is already a geopolitical failure," Macron said.

Persons: Emmanuel Macron, Macron, Jacques Chirac, EU's, Vladimir Putin, Let's, Donald Trump, Michel Rose, Mark Heinrich, Jon Boyle Organizations: PARIS, Eastern, European Union, Russia, NATO, Thomson Locations: France, Russia, Ukraine, Europe, Slovak, Bratislava, United States, Britain, Iraq, Germany, Paris, Poland

South Korean companies do not disclose the unit prices for their weapons, which are often sold with support vehicles and spare parts. That will include building South Korean arms on license in Poland, officials in Seoul and Warsaw said. "It may work for some countries at very, very low volume," he added of Polish-brokered South Korean weapons sales, discussing challenges the joint operation might face. The 2022 arms deal began with South Korean companies signing a framework agreement with the Polish government. Seoul has since approved at least some South Korean weapons components for use in Ukraine.

[1/5] Swiss army soldiers take part in a live ammo exercise during the LUX 23 exercise in Les Pradieres, Switzerland May 4, 2023. The drills, involving 4,000 troops and spread across four cantons over nine days, took place as the country's role in European defence has come into focus amid calls for it to assist Ukraine in fighting the Russian invasion. The LUX 23 drills, planned since 2021, were not organised in response to Russia's invasion of Ukraine in February last year, but the Swiss military said it made the exercise all the more relevant. "This, of course, is directly linked [to the war in Ukraine]." Reporting by Gabrielle Tétrault-Farber and Denis Balibouse; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Joined-up G7 is best China deterrent
▼ + stars: | 2023-05-08 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The best chance of steering between these twin evils is for the G7 to agree on a strong deterrence strategy. This would make it harder for China to hold G7 countries to ransom if they came to Taiwan’s aid. The United States is also leaning on its allies to stop China from acquiring militarily useful technology such as advanced semiconductors. CONTINGENCY PLANSThe other plank of a G7 deterrence strategy is contingency planning for what the allies would do if China invaded Taiwan. This would ideally involve building consensus about how the United States would respond to escalating tensions.

☆ Swiss army displays Leopard 2 tank as Germany hopes for sale
▼ + stars: | 2023-05-05 | by ( Denis Balibouse | ) www.reuters.com time to read: +1 min

[1/3] Recruits of the Swiss army Tank School 21 perform an attack exercise with the Leopard 2 tank in Bure, Switzerland May 5, 2023. Switzerland has 134 Leopard 2 tanks in service, some of which were used in training exercises by the country's Tank School 21 in the northwestern canton of Jura this week. But the Leopard 2 tanks that have drawn attention in Switzerland are, in fact, the 96 it keeps in storage. Under its neutrality laws and a separate arms embargo, Switzerland is prohibited from sending weapons directly to a country at war. The German government assured Bern that if it decided to sell its Leopard 2 tanks, these would not be used in Ukraine.

The most immediate part of the plan earmarked 1 billion euros ($1.09 billion) to refund EU countries for sending urgently needed artillery shells from stockpiles to Ukraine. In announcing the package, EU foreign policy chief Josep Borrell said the munitions would come from "European industry and from Norway". Draft legislation agreed by ambassadors from EU countries, seen by Reuters, used the same formulation. Diplomats and officials expressed confidence that EU countries would finalise a deal after the Easter break. European financing must serve to buy European," the official said.

☆ Polish ammunition firm to boost output severalfold as part of EU-Ukraine plan
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 25 (Reuters) - Polish ammunition maker Dezamet, a unit of state arms producer Polska Grupa Zbrojeniowa (PGZ), will substantially boost capacity to supply EU-funded ammunition to Ukraine, Poland's prime minister said on Saturday. The announcement by Mateusz Morawiecki comes ahead of a planned visit by EU Commissioner for Internal Market, Thierry Breton, to Dezamet on Monday. Seventeen EU member states and Norway this week agreed to jointly procure ammunition to help Ukraine and to replenish their own stockpiles, the European Defence Agency said. Dezamet, which produces ammunition for artillery, mortars and grenade launchers, is one of PGZ group's more than 50 armaments enterprises. Morawiecki said that he also counted on private companies in Poland to boost their ammunition production.

That will be discussed over lunch with Guterres before the U.N. secretary-general takes his leave and EU leaders get an update on the war from Ukrainian President Volodymyr Zelenskiy via video link, officials said. "We will, as always, reaffirm our unwavering commitment to assist Ukraine," declared Charles Michel, president of the European Council of EU leaders. Diplomats involved in preparing the summit of the 27 national EU leaders were sceptical of an imminent breakthrough. AMMUNITIONBeyond food security and sanctions, the leaders will also discuss bringing those responsible for the 13-month war to justice, as well as providing more military aid to Ukraine. "We will need to take measures to boost the manufacturing capacity of the European defence industry," Michel said in his letter inviting fellow EU leaders to the summit.

BRUSSELS, March 20 (Reuters) - European Union countries on Monday agreed a 2 billion euro plan to send 1 million artillery rounds to Ukraine over the next year by digging into their own stockpiles and teaming up to buy more shells. The joint procurement will be limited to companies from the EU and Norway, which has close economic ties to the bloc. Some EU governments wanted the initiative to be open to a broader market, arguing this would help get munitions more quickly to Ukraine. But others said EU money should go to EU companies and insisted they would have capacity to meet demand. German Defence Minister Boris Pistorius, whose country is taking part in the joint procurement initiative, described it as "new territory" for the EU.

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