German Lawmakers Reportedly Set to Approve Rheinmetall's Laser Contract

German lawmakers are set to approve military procurement contracts, including Rheinmetall's (RHM.F) 462 million-euro deal for laser weapons, Bloomberg News reported on Wednesday, citing a confidential procurement document. The laser, a joint project of the German arms maker and missile systems company MBDA Deutschland, will be installed on frigate-sized vessels to stop small targets. The first laser system is expected to become available in 2029. A Rheinmetall spokesperson told it only comments on contracts "once contractual agreements are in place."