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France's GIAT Industries plans to sell its 92 percent stake in the ailing gun-maker FN Herstal to Belgium's Wallonia regional government, returning the company to Belgian ownership.
GIAT acquired FN--founded in 1889 and based in Walloon--in the early 1990s to expand into the global small arms market. According to a Reuters wire report, GIAT bought FN for about $100 million and over the years invested an additional $200 million in the military and civil...