BUZZ-Australia's Austal gains as Korean conglomerate Hanwha takes 9.9% stake

Reuters

03-18

BUZZ-Australia's Austal gains as Korean conglomerate Hanwha takes 9.9% stake

** Shares of Australian shipbuilder Austal ASB.AX rise 9.7% to A$4.2

** Stock set for strongest trading session since February 21

** Korea's Hanwha 000880.KS has taken a 9.9% stake in ASB, a filing confirms on Tuesday

** Hanwha offers A$4.45 each for 41.2 mln ASB shares

** Offer price represents a 16.2% premium to Austal's closing share price on Monday of A$3.83

** Stock up 31.6% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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