Korea's Hanwha buys 9.9% stake in Australian shipbuilder Austal, filing confirms

Austal

17/03/2025 21:41

March 18 (Reuters) - South Korean conglomerate Hanwha 000880.KS now owns a 9.9% stake in Australian shipbuilder Austal ASB.AX, an exchange filing showed on Tuesday.

The company, whose A$1.02 billion ($650.96 million) takeover bid was rejected by Austal last year, has acquired 41.2 million shares in Austal at a price of A$4.45 per share, according to the filing.

Reuters reported on Monday that Hanwha was aiming to buy up to 9.9% of Austal's shares, citing a term sheet.

($1 = 1.5669 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Pooja Desai)

 ((Adwitiya.Srivastava@thomsonreuters.com;))