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Firms seal submarine contract

Daewoo Corp and Preussag unit Howaldtswerke Deutsche Werft have won a US$2 billion contract to build six 1,500-tonne submarines despite complaints from Hyundai Corp, the South Korean Defence Ministry said. Hyundai took the ministry to court for not opening the bidding process to public tender. A ministry spokesman said the ministry could not accept an open bid process because of 'strict security' considerations.

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