Australian Prime Minister Malcolm Turnbull (L) disembarks an Australian Navy submarine with Australian Navy officer Vice Admiral Timothy Barrett in Adelaide, Australia, April 26, 2016. AAP/Ben Macmahon/via REUTERS
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France has beaten Japan and Germany to win a A$50 billion ($40 billion) deal to build a fleet of 12 new submarines for Australia, one of the world's most lucrative defense contracts, Australian Prime Minister Malcolm Turnbull announced Tuesday.Japan's Mitsubishi Heavy Industries and Kawasaki Heavy Industries had been seen as early frontrunners for the contract, but their inexperience in global defense deals and an initial reluctance to build in Australia put DCNS and Germany's ThyssenKrupp AG out in front.DCNS proposed a diesel-electric version of its 5,000-tonne Barracuda nuclear-powered submarine, enlisting heads of industry and top government figures to convince Australia of the merits of its offering.Japan had offered to build Australia a variant of its 4,000 tonne Soryu submarine, a deal that would have cemented closer strategic and defense ties with two of Washington's key allies in the region but risked antagonizing China, Australia's top trading partner.
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