Germany’s Defense Ministry has abandoned the multibillion-euro F126 frigate program after $2.6 billion was spent, and will instead buy eight smaller warships from TKMS. Rheinmetall had been widely expected to take over the work following delays under the original award to Dutch shipbuilder Damen Naval in 2020. Rheinmetall shares fell around 20% after the announcement, and CEO Armin Papperger said the cancellation was a “massive setback,” according to Der Spiegel.