Germany Ditches Delayed Frigate Program in Major Blow to Rheinmetall

AI Summary

Germany has scrapped its delayed frigate program, significantly impacting defense contractor Rheinmetall. This decision follows cost overruns and delays, affecting the country's military procurement and defense markets.

Germany scrapped a landmark frigate program following delays and expected cost overruns, sending shares in the country's top defense firm Rheinmetall RHMG.DE, which was supposed to get the contract, into a tailspin on Wednesday.