Rheinmetall undecided on German Naval Yards bid after TKMS drops out

TKMS CEO Oliver Burkhard had said in May that the group would not pay "any price in the world" for GNYK after Rheinmetall emerged as a rival suitor.

Rheinmetall, Europe's leading ammunition maker, has been expanding beyond its traditional land systems business and moved further into the naval sector last year through the acquisition of shipbuilder NVL.

(Reporting by Alexander Huebner and Matthias Inverardi, Writing by Miranda Murray, Editing by Linda Pasquini)