Italy to Buy Hundreds of Tanks from Rheinmetall in $21.5 Billion Mega Deal

Italy is planning to purchase hundreds of tanks from the German defence group Rheinmetall in a deal worth around 20 billion euros, according to industry sources. This would be Rheinmetall's largest order ever, comprising 350 Lynx armoured vehicles and over 200 Panther tanks. Shares surged 3.5% following the report.

Italy is planning to buy hundreds of tanks from Rheinmetall in what would be the German defence group's biggest ever order, valued at around 20 billion euros ($21.50 billion), the Handelsblatt business daily reported on Wednesday, citing industry sources.

According to the plan, the Italian government would purchase at least 350 Lynx armoured fighting vehicles and more than 200 Panther main battle tanks in an order over a 15-year period, Handelsblatt reported. Rheinmetall did not deny the report when asked for comment by Reuters and said it would comment in due course.

Shares in the company surged 3.5% following the report. Rheinmetall

is targeting record sales of 10 billion euros this year as its order books grow due to boosted defence spending in Europe in response to the war in Ukraine.

($1 = 0.9312 euros)

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