By Cristina Roca
Shares in Thales SA traded higher Monday after the Australian government said it would pay 555 million euros ($583.7 million) to Naval Group to settle a terminated contract to buy French submarines.
The French aerospace-and-defense company owns 35% in Naval Group, while the French state owns 62.25%.
At 0754 GMT, shares in Thales traded 4.9% higher at EUR117.10.
The settlement is meant to resolve an issue that caused a deep rift in diplomatic relations after Australia’s previous government canceled the submarine deal with France to enter into a new partnership with the U.S. and the U.K.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
June 13, 2022 04:14 ET (08:14 GMT)
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Read More: Thales Shares Rise After Australia Settles Submarine Deal With France