Germany to Procure New Warships

The German Ministry of Finance plans to allocate approximately 6.63 billion euros for the purchase of four warships, according to a draft document to be submitted to the Federal Parliament's Budget Committee in the coming days. The government also intends to include an option to purchase four additional warships worth around 5.3 billion euros. This plan comes after the German government cancelled a significant frigate program with Rheinmetall.The German government had decided to terminate the program due to delays and expected cost overruns. Following the decision, Rheinmetall's shares had declined. The final approval for the procurement plan is expected to be given after the parliamentary budget committee's evaluation.