New Delhi, July 7 -- HALIFAX - Mark Carney stood at Canadian Forces Base Halifax on Monday and announced that Canada had chosen a German company to build its next fleet of submarines. Up to twelve vessels. The largest defence procurement in Canadian history. An estimated $40 to $50 billion Canadian dollars including operations and maintenance over the life of the programme.

The announcement named ThyssenKrupp Marine Systems as the preferred supplier, with South Korea's Hanwha Ocean designated as the reserve. TKMS made its bid in partnership with Norway, a fellow NATO ally, offering the 212CD design built for cold-water and Arctic operations. Hanwha offered South Korean technology and competitive terms. Canada chose the European consortiu...