By Kelly Cloonan

Beretta Holding says it didn't seek to take control of Sturm Ruger, countering an earlier statement from the firearms manufacturer.

Beretta, which has acquired a nearly 10% stake in Ruger, said Tuesday it has been focused on partnering with Ruger to improve performance. Beretta said it was negotiating a potential minority investment in Ruger but was met with opposition during confidential discussions with the company's board.

The disclosure comes after Ruger said Monday that Beretta was seeking to gain control of the company through discounted share purchases and outsized governance rights. Ruger said Beretta had indicated a long-term plan to combine the two businesses but made no formal proposal, and sought terms that would transfer value from other shareholders and undermine the company's independence.

Beretta said Ruger's statement is false and misleading, and breaches its confidentiality agreement. Beretta said it remains committed to reaching a solution that would boost Ruger's performance.

"We remain open to a negotiated outcome and believe such a resolution would best serve Ruger and its shareholders," Beretta said in a statement.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 10, 2026 13:36 ET (17:36 GMT)

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