Shares of Thyssenkrupp Marine Systems (TKMS) climbed sharply in European trading after reports emerged that the German defense contractor has been selected by Canada to build a new fleet of submarines.
The German business daily Wiwo reported that TKMS won the bid to construct 12 new vessels for the Canadian government.
The deal, valued at approximately 37 billion euros, would represent the largest defense contract in Canada's history.
The deal, valued at approximately 37 billion euros, would represent the largest defense contract in Canada's history.
While official confirmation from Ottawa or Thyssenkrupp is still pending, the market reacted immediately to the news, driving significant gains in TKMS shares.
The potential win marks a major milestone for TKMS, which has been in contention for the project for some time.
The contract would secure a long-term revenue stream for the Thyssenkrupp subsidiary, reinforcing its position as a leading global supplier of advanced submarine technology.