Hanwha buys Austal stake

South Korea’s Hanwha Group has taken a 9.9% stake in Australia’s Austal almost a year after it proposed a full takeover.
Hanwha on Tuesday said it had acquired 41.2m shares in Austal, paying A$4.45 a share.

Hanwha said it aims to become a long-term strategic partner to the Australian shipbuilder rather than pursuing a full takeover.

Both companies are keen to expand US operations at a time where new president Donald Trump is looking to resuscitate American shipbuilding.

Last year Hanwha, which runs the yard formerly known as Daewoo Shipbuilding & Marine Engineering, sealed a deal to take over US shipbuilder Philly Shipyard.