Germany plans $7.6 bln of defence spending, Bloomberg reports

Germany will forge ahead with an overhaul of its armed forces this quarter, with up to 7 billion euros ($7.6 billion) of orders for two navy frigates and hundreds of armoured transport vehicles, Bloomberg reported on Monday citing unnamed sources.

The government will exercise an option to buy two additional navy F126 frigates for about 3 billion euros, taking the total number to six, the report said. ($1 = 0.9219 euros)