The Korean conglomerate has lobbed a $1 billion bid for ASX-listed Austal. The local shipbuilder has rejected the offer, saying it won’t be approved.
Already a subscriber?Hanwha Group, the Korean defence and aerospace conglomerate which has lobbed a $1 billion bid for ASX-listed Austal, has engaged former Coalition defence minister Christopher Pyne as it accelerates its lobbying efforts in Canberra.
governments, shareholders, employees, and communities and is planning to go through all the proper processes towards a successful sale,” the company said. Defence Minister Richard Marles declined to comment when asked whether Hanwha would be an acceptable owner of Austal, the only major defence firm listed on the ASX. “Questions on this matter should be addressed to Hanwha and Austal. It would not be appropriate for Defence to provide comment,” Mr Marles spokesman said.
Others say a deal would be of significant benefit for Australia. Mark Stevens, who advises private equity and other investment groups and specialises in defence, said the sale of Austal would be “massively positive for Defence maritime capability and most importantly, hugely accretive for Australian defence industry”.
Malaysia Latest News, Malaysia Headlines
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