A Korean firm loses a Canada submarine deal to German counterpart; Stock falls 23%
Shares of Hanwha Ocean declined over 23% on Tuesday after Canada picked a German bid over the South Korean shipbuilder’s proposal to replace its ageing submarine fleet. Canada’s Prime Minister Mark Carney on Monday had announced that Germany’s Thyssenkrupp Marine Systems is the preferred supplier to build around 12 submarines for the country. HD Hyundai…
