Leonardo Makes €1.6 Billion Bid for Iveco Defense Unit Amid Political Pressure

Leonardo SpA made the lowest offer for Iveco Group NV’s defense unit amid political pressure to keep the business in Italian hands, according to people familiar with the matter.

The Rome-based defense company bid about €1.6 billion ($1.9 billion) including debt before last week’s deadline, the people said. That trailed rival proposals from Franco-German tankmaker KNDS NV, which offered closer to €1.9 billion, and Czechoslovak Group SA, some of the people said, asking not to be identified because negotiations are private.