German defence group Rheinmetall has entered the race to buy shipyard German Naval Yards Kiel with a non-binding bid, a move that would deepen its push into naval defence and pits it
German defence group Rheinmetall has entered the race to buy shipyard German Naval Yards Kiel with a non-binding bid, a move that would deepen its push into naval defence and pits it against rival warship maker Thyssenkrupp Marine Systems (TKMS).
Rheinmetall disclosed the bid as it released its first‑quarter results on Thursday but said it would not provide information regarding its size.
CEO Armin Papperger said Rheinmetall has already begun the due diligence process and expects results in the next few weeks, at which point it would be able to submit a binding offer.
TKMS, which had submitted a non-binding offer for GNYK in January, said it was also currently in negotiations.
GNYK is part of the family-owned CMN Naval Group, a French shipbuilder active in naval and yacht construction, and employs around 400 people directly.
CMN Naval Group did not respond to an emailed request for comment.
EXPANDING NAVAL FOOTPRINT
The bid underlines Rheinmetall's efforts to expand its naval footprint after its recent acquisition of German warship maker NVL, now reported under the Naval Systems division.
Rheinmetall has also submitted a bid to supply F126 frigates to Germany, said Papperger, adding that reports suggesting a total value
Content Original Link:
" target="_blank">
