Australia to pay France 555m euros in settlement of subs row

French defence minister Sebastien Lecornu said the settlement 'permits us to turn a page' on the diplomatic row over Australia's decision last year to cancel its purchase of French diesel-powered submarines, worth a total of 35 billion euros, in favour of a strategic pact with the US and UK in which it will receive technology to build nuclear submarines.

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Australia has announced a 555-million-euro ($585m; £475m) settlement with France's Naval Group as compensation for scuppering a submarine contract with Paris, reports BBC News.