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Business/Financial

South Korea’s Hanwha Group Makes Unsolicited Offer For Australian Shipbuilder Austal

By Cal Biesecker

Tuesday, April 2nd, 2024

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South Korea’s Hanwha Group Makes Unsolicited Offer For Australian Shipbuilder Austal

The Independence-variant USS Manchester (LCS-14) littoral combat ship completing acceptance trials in Dec. 2017. (Photo: U.S. Navy courtesy of Austal USA).

Australian shipbuilder Austal, which also has operations in the U.S., on Tuesday confirmed it has received an unsolicited acquisition offer from South Korean multi-industrial conglomerate Hanwha Group but said it doubts the proposal would be approved by regulators in Australia and the U.S. Hanwha is offering $2.825 in Australian dollars per Austal share, well above the $2.20 closing price on Monday. Austal listed the conditions the offer would be subject to including due diligence, approvals by Australia’s Foreign Investment Review Board…

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