Rheinmetall assesses next steps on GNYK shipyard after TKMS pulls out, says CEO (updated)

TKMS AG & Co KgaA

22/07/2026 14:05

Adds details throughout

    ASCHAU AM INN, Germany, July 22 (Reuters) - 
    Rheinmetall RHMG.DE has yet to decide on whether to proceed with an acquisition of German Naval Yards Kiel (GNYK) after rival bidder Thyssenkrupp Marine Systems (TKMS) withdrew from the process, Chief Executive Armin Papperger said on Wednesday.
  

    Papperger told Reuters that Rheinmetall has only made a non-binding offer for GNYK so far and that he expected to reach a final decision within the next four to five weeks.
  

        
    TKMS
     said on Tuesday that it was no longer interested in acquiring the smaller shipyard that employs around 350 people.
  

    TKMS CEO Oliver Burkhard had said in May that the group would not pay "any price in the world" for GNYK after Rheinmetall emerged as a rival suitor.
  

    Rheinmetall, Europe's leading ammunition maker, has been expanding beyond its traditional land systems business and moved further into the naval sector last year through the acquisition of shipbuilder NVL.
  

    
 

 (Reporting by Alexander Huebner and Matthias Inverardi, Writing by Miranda Murray, Editing by Linda Pasquini)
 ((Miranda.Murray@thomsonreuters.com;))