Shipbuilder Austal receives an offer from South Korean defence and aerospace group Hanwha for its US subsidiary, Austal USA. Several outlets report the bid is non-binding and is intended to give Hanwha a foothold in the US shipbuilding market.
The reported value varies by source. The West Australian and Business News describe a $1.7 billion offer, while Channel NewsAsia, Investing.com, and the Financial Times cite $1.2 billion or “up to” $1.2 billion. The offer is linked to Austal’s American business that sells ships to the US Navy and coastguard.
Market reporting indicates Austal shares rise following the announcement, reflecting investor reaction to the possibility of a transaction. The West Australian also notes that if the deal proceeds, Austal would continue to trade on the ASX and retain its Australian shipbuilding operations based at Henderson, suggesting any acquisition would focus on the US unit rather than the entire company.
