By Stuart Condie
SYDNEY--South Korea's Hanwha Group has taken a 9.9% stake in Australia's Austal.
Hanwha on Tuesday said it had acquired 41.2 million shares in Austal, which operates in the U.S. as well as the Asia-Pacific region. A market filing showed it paid 4.45 Australian dollars a share, equivalent to about US$2.84, representing a 16% premium to Monday's closing price.
"As a strategic shareholder there will be a great opportunity for us to add significant value to Austal's business, including in global defense and shipbuilding.
Hanwha said it had an additional 9.9% economic exposure to Austal through a cash-settled total return swap arrangement. It has applied to Australia's foreign investment regulator for permission to take its holding to 19.9%.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
March 17, 2025 18:30 ET (22:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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