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Report: Lockheed, Boeing Competing For $7B South Korea Fighter Jet

Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA) have submitted their bids for a $7 billion South Korean fighter jet contract, Bloomberg reports.

Lockheed’s F-35 and Boeing’s F-15 Silent Eagle are among the competitors, South Korea’s Defense Acquisition Program Administration said, according to Sangwon Yoon and Kyunghee Park.

The country plans to finalize the 60-jet order by October, but a December presidential election could delay the decision, local newspaper Hankook Ilbo reported June 16.

In December, Japan agreed to purchase 42 F-35 jets, potentially costing more than $4 billion and making it the country’s largest-ever fighter acquisition.

South Korea bought 60 F-15s in 2002 and 2007, according to the report.

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