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Defense stocks fell sharply after the Financial Times reported that Berlin is moving to cancel its multi-billion-euro F126 frigate program.
Rheinmetall, the German defense group, dropped 13% as the news spread through markets. The planned scrapping would remove a multi-billion-euro naval shipbuilding commitment from Germany's defense procurement calendar.
Berlin Moves to Cancel the F126 Warship Build Germany is planning to abandon the F126 frigate program — a multi-billion-euro project to build a new class of warships — according to the Financial Times.
The frigates had been part of Berlin's naval plans.
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