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Rheinmetall shares fell sharply after Germany announced it is scrapping the F126 frigate programme, the country's most ambitious naval build since the Second World War.
Berlin cited cost overruns and delays as the drivers behind the decision to abandon the project, delivering a pointed reminder that European defence budget expansion does not automatically translate into executed contracts.
The F126 Decision and What It Signals The F126 was set to be the largest warship Germany had commissioned since the end of the Second World War — a programme freighted with symbolism at a moment when the continent has been loudly rethinking its defence posture.
Scrapping it underscores a persistent tension in the current rearmament cycle: political will to spend more on defence does not always survive contact with procurement reality.
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