Germany‘s ThyssenKrupp (TKAG.DE) denied a media report saying the industrial conglomerate is about to sign a $3.4 billion contract to sell submarines to Saudi Arabia.

Weekly newspaper Bild am Sonntag reported on Sunday that Saudi Arabiawould purchase five so-called Class 209 submarines for about 2.5 billion euros ($3.37 billion), citing unnamed German government sources.

A spokeswoman for ThyssenKrupp said the company was not in talks on such a sale.