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Canada Rejects Korean Sub Bid, Eyes German Tech
7 Jul
Summary
- Hanwha Ocean shares dropped over 20% on Tuesday morning.
- Canada selected a German bid over a South Korean proposal.
- Thyssenkrupp Marine Systems is the preferred bidder for Canada's fleet.
Shares of Hanwha Ocean saw a sharp decline, plummeting more than 20% in early trading on Tuesday. The significant drop followed Canada's announcement on Monday that it has chosen a German bid to replace its aging submarine fleet.
Prime Minister Mark Carney revealed that Thyssenkrupp Marine Systems is the preferred supplier. This decision means South Korea's Hanwha Ocean was not selected for the lucrative contract, impacting the company's market performance.
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