France and Belgium signed a memorandum of understanding on Monday to strengthen their cooperation in land defence with each nations buying every a ten% stake in John Cockerill Defense, the defence unit of Belgian tools maker John Cockerill.
“This equity investment will shortly be formalized and secured by the conclusion of an investment agreement and a shareholders’ pact, defining the legal and financial framework of the operation,” the corporate stated in a press release.
This deal comes 5 months after John Cockerill Defense, a provider of sunshine tank turrets, signed an unique settlement with Sweden’s Volvo to purchase Arquus, France’s main provider of army autos.
“This prospective acquisition would contribute to strengthening the cooperation between France and Belgium in a strategic sector … the process has been ongoing ever since, and is progressing through the stages necessary to its conclusion,” John Cockerill stated.
French President Emmanuel Macron and Belgian Prime Minister Alexander De Croo signed the memorandum of understanding on the sidelines of a gathering of European Union leaders in Brussels to debate whom to appoint to the EU’s prime posts following a European Parliament election.
Source: www.anews.com.tr