By Cristina Roca

Shares in Thales SA traded higher Monday after the Australian government said it would pay 555 million euros ($583.7 million) to Naval Group to settle a terminated contract to buy French submarines.

The French aerospace-and-defense company owns 35% in Naval Group, while the French state owns 62.25%.

At 0754 GMT, shares in Thales traded 4.9% higher at EUR117.10.

The settlement is meant to resolve an issue that caused a deep rift in diplomatic relations after Australia's previous government canceled the submarine deal with France to enter into a new partnership with the U.S. and the U.K.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

June 13, 2022 04:14 ET (08:14 GMT)

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