By Joe Stonor

Shares in Thyssenkrupp and naval combat company TKMS rose after TKMS's CEO revealed details of the company's pitch for a lucrative Canadian military contract.

Stock in industrial company Thyssenkrupp, which spun off TKMS last year, closed 4.75% higher at 10.48 euros. TKMS, which has fewer shares in circulation, closed up 3.2% at 98.35 euros.

TKMS is vying with South Korean company Hanwha Ocean to supply Canada with 12 high-end submarines. The contract is estimated to be worth more than 10 billion euros ($11.7 billion), Reuters reported, citing unnamed sources.

Speaking to the outlet, TKMS Chief Executive Oliver Burkhard said the company's proposition goes beyond just submarines. It would amount to "a broad economic package," and could cover investment commitments in rare earths, mining artificial intelligence and automotive batteries, he said.

A TKMS spokesperson told Dow Jones Newswires that TKMS would make the submarines in Germany if successful in winning the contract, though this could change if the Canadian government required.

"We are able to respond flexible and quickly to all requirements of the Canadian government, also with regard to more local production," the spokesperson said.

Write to Joe Stonor at josephmichael.stonor@wsj.com

(END) Dow Jones Newswires

January 21, 2026 13:08 ET (18:08 GMT)

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