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South Korea’s Hanwha Buys Nearly 10 Percent Shareholding In Australia’s Austal, Seeks 20 Percent

Rich Abott By
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South Korea’s Hanwha Buys Nearly 10 Percent Shareholding In Australia’s Austal, Seeks 20 Percent
The USS Mobile (LCS-26) rolled out of its assembly bay and was launched in early 2020 at shipyard Austal USA in Mobile, Ala.. (Photo: Austal USA)

A major South Korean conglomerate this week purchased a significant stake in Australian shipbuilder Austal, with hopes of expansion. On March 18 Hanwha Group said it acquired a 9.9 percent stake in Austal as a “strategic investment” to become a long-term strategic partner in developing Australian defense capabilities. The company on Tuesday also said it officially applied for approval by the Australian Foreign Investment Review Board (FIRB) to add another 9.9 percent stake via a total return swap, which if…

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