BAE wins South Korea fighter jet contract

BAE Systems, Europe's biggest defence contractor, has scored a contract with South Korea, which is reportedly worth more than one billion dollars, the majority of which will go in BAE's back pocket.

Under the contract the group will upgrade over 130 F-16 fighter aircraft, with the work taking place in the US over the next 10 years.

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The firm beat Lockheed Martin to the contract, which will see the installation of new computers and operating equipment in the jets.

The news failed to push the share price higher, with shares instead declining 0.86% to 312p by 15:57.

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