Germany's Rheinmetall acquires warship builder NVL

Rheinmetall is acquiring Luerssen Group's warship division, NVL, it said late on Sunday, as the German defence group seeks to expand its activities in Europe as governments step up military spending.

The move by Rheinmetall, Europe's largest maker of ammunition, comes as a long-awaited consolidation in Germany's naval sector picks up speed, with submarine and frigate maker TKMS to be spun off from parent Thyssenkrupp next month.