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Austal Questions Hanwha’s Statement of US Approval to Buy Shares
- Hanwha Group has obtained approval from the U.S. government’s investment review body to increase its ownership in Australian shipbuilder Austal up to full control.
- Austal challenges Hanwha's assertion about the approval, noting that informal communications indicate the approval may not align with Hanwha's claim and is pursuing formal verification from CFIUS.
- Hanwha currently holds 9.9% of Austal shares acquired in March 2025 and is seeking to raise it to 19.9%, pending Australia's Foreign Investment Review Board decision.
- Following Hanwha's announcement, Austal's shares surged over 6.8% to A$6.16 amid increased investor interest and speculation on regulatory outcomes.
- The situation highlights regulatory complexities due to Austal's U.S. defense ties and suggests Hanwha's investment could enhance Austal's capital and expertise if fully approved.
14 Articles
14 Articles
Hanwha's bid to take over shipbuilder Austal picks up momentum
Hanwha Group’s investment in global defense shipbuilder Austal is picking up momentum following the U.S. government's approval of the Korean conglomerate's plan to increase its stake in the company to...
USNS Point Loma Completes US Navy Acceptance Trials, Prepares for Delivery
Image Credits: Wikipedia The American shipbuilder, Austal USA, has successfully completed acceptance trials for the future USNS Point Loma (EPF 15). The trials were conducted on May 21 in partnership with the Navy’s Expeditionary Fast Transport (EPF) program team. With the acceptance trials now complete, the ship is considered ready for delivery. The Navy is expected to receive Point Loma in June 2025. A senior official from Austal USA acknowled…
Hanwha renews Austal takeover efforts
Allen Newton SOUTH Korean shipbuilder Hanwha is renewing its efforts to take over Perth-based shipbuilder Austal. In a notice to the Australian Stock Exchange Austal said it had received advice from Hanwha Group, a substantial Austal shareholder, that it had received approval from the Committee on Foreign Investment in the United States (CFIUS) to increase its shareholding in Austal up to 100%. “Austal also notes statements from Hanwha in the…
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