Portugal has decided to buy three frigates built by Italian shipbuilder Fincantieri, Italy's Prime Minister Giorgia Meloni said on Monday, hailing the deal as a boost for Europe's defence industry.
FREMM frigates are multi-purpose warships jointly designed by Fincantieri and France's Naval Group. A source with knowledge of the matter estimated the deal with Portugal to be worth €3 billion ($3.4 billion).
Meloni said she was, "very pleased," by the transaction, which she announced while hosting a press conference with her Portuguese counterpart Luis Montenegro at the government headquarters in Rome.
"It is a recognition of the excellence of Italian industry, but it is also proof that Europe can strengthen its strategic autonomy by investing in the industrial and technological capabilities of its companies," Meloni added.
Shares in Fincantieri extended gains after the announcement, rising more than two per cent.
(Reporting by Angelo Amante, editing by Gianluca Semeraro and Alvise Armellini)
