South Korea's Hanwha Takes Stake in Australian Shipbuilder Austal -- Update

Dow Jones

Mar 18, 2025

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)

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It has applied to Australia's foreign investment regulator for permission to take its holding to 19.9%. \n\n\n \n\n\n  Write to Stuart Condie at stuart.condie@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 17, 2025 18:30 ET (22:30 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}