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Hanwha Group |
[Alpha Biz= Kim Jisun] Hanwha Group is set to inject approximately 350 billion KRW into its Australian subsidiary through a rights offering to acquire shares in Austal, an Australian shipbuilding and defense company.
According to industry sources on Monday, Hanwha Aerospace and Hanwha Systems' Australian subsidiary, HAA No.1 PTY LTD (HAA), is expected to launch a tender offer for Austal shares.
Hanwha Systems announced plans to invest 202.7 billion KRW, while Hanwha Aerospace will contribute 64.2 billion KRW into HAA through a capital increase. As a result, HAA will secure a total of 337.8 billion KRW, which is expected to be used for acquiring Austal shares. Based on Austal’s market capitalization, this amount could allow Hanwha to secure around 26% of Austal’s shares.
This is Hanwha Group’s second attempt to acquire Austal. In 2021, the company pursued an acquisition, but the deal ultimately collapsed in September 2023. At the time, Austal’s board rejected Hanwha’s offer, citing concerns that the South Korean company might not obtain regulatory approvals from Australian and U.S. authorities.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
