Shares of Australian shipbuilder Austal Ltd. climbed after a unit of Hanwha Aerospace Co. became a substantial shareholder of the US Navy contractor, as South Korea’s top defense firm attempts to bolster its foothold in America.
Austal
Hanwha takes stake in Australian shipbuilder Austal
South Korean business conglomerate Hanwha Group now holds a 9.9% stake in Australian shipbuilding firm Austal, according to an exchange filing.
The filing revealed that Hanwha, which had its US$650 million takeover bid rejected by Austal last year, acquired 41.2 million shares at A$4.45 (around US$2.85) per share.
It is important to note that last year, Hanwha, which runs the yard formerly known as Daewoo Shipbuilding & Marine Engineering, secured an agreement to buy US shipbuilder Philly...
https://container-news.com/hanwha-takes-stake-in-australian-shipbuilder-austal/
Austal to Build 130-Metre Hydrogen-Ready High-Speed Ferry for Gotlandsbolaget
Austal Australasia has secured a contract worth approximately A$270 million to design and construct a groundbreaking 130-metre, hydrogen-ready high-speed RoPax catamaran for Gotlandsbolaget of Sweden. Part of the ‘Horizon X’ programme, this will be the largest vessel ever built by Austal and the...
Austal Tapped to Build Australia’s New Heavy Landing Craft
Austal Limited (ASX: ASB) has been selected to construct eight Landing Craft Heavy vessels based on Damen’s Landing Ship Transport 100 (LST100) design. The vessels will be built at the…
https://gcaptain.com/austal-tapped-to-build-australias-new-heavy-landing-craft/
Hanwha Abandons Austal Takeover Bid Amid Due Diligence Dispute
Korean conglomerate Hanwha has officially withdrawn its takeover bid for Australian defense shipbuilder Austal, citing insurmountable obstacles in conducting due diligence. Following the acquisition of the former Daewoo Shipbuilding and…
https://gcaptain.com/hanwha-abandons-austal-takeover-bid-amid-due-diligence-dispute/
Austal USA Breaks Ground on New Steel Assembly Facility
Austal USA broke ground on its planned final steel assembly facility Tuesday, the company announced in a statement.
The building and waterfront support area is expected to include a new assembly building, a new ship lift system and waterfront improvements, the company said in the release. Austal predicts it will be finished by summer 2026.
The 192,000-square-foot, three-bay building expands the shipyard’s ability to build steel ships....
https://news.usni.org/2024/07/09/austal-usa-breaks-ground-on-new-steel-assembly-facility
John Rothwell to be succeeded as Austal chairman by former SECNAV Richard Spencer
Australian shipbuilding legend John Rothwell is to step down as as chairman of Austal Limited (ASX: ASB). He will be succeeded by former U.S. Secretary of the Navy Richard Spencer.
Rothwell, the architect responsible for the establishment of Austal, will now serve on the Austal board as a non-executive director. His retirement as chairman marks a significant milestone in the history of the, company having served in the position for 37 years since he founded Austal in 1987. In that time Austal...
Austal USA Wins $516 Million Contract to Construct Navy Ocean Surveillance Ship
May 31 (Reuters) – Austal Ltd has secured a $516 million contract to construct the lead ship of the United States Navy’s ocean surveillance program, T-AGOS 25, the Australian defence shipbuilder said in an exchange filing on…
https://gcaptain.com/austal-usa-wins-516-million-contract-to-construct-navy-ocean-surveillance-ship/
Hanwha makes its case for Austal acquisition
As we reported earlier, South Korea’s Hanwha Group has submitted an indicative offer to acquire the global business of Austal USA’s Australian parent, Austal (ASX:ASB), through a scheme of arrangement that would see Austal shareholders receive AUD 2.825 cash per Austal share.
In ASX trading on April 1, Austal’s share was trading in a range of AUD 2.320 – AUD 2.440. Today’s range was AUD 2.320 – AUD 2.460.
In a press release today, Hanwha says that it “brings important capabilities and investment...
https://www.marinelog.com/shipbuilding/hanwha-makes-its-case-for-austal-acquisition/
Austal confirms getting a takeover offer from Hanwha Ocean
Rumors that Australian shipbuilder Austal Limited (ASX:ASB) was the target of a takeover bid have been circulating since last July. Now, it seems, there’s some truth in one of them. In an April 1, ASX stock exchange filing, Austal (which is, of course, the parent of Austal USA) confirmed that it has confirms it received an unsolicited, conditional and non-binding indicative proposal from Korea’s Hanwha Ocean Co., Ltd under which Hanwha would acquire Austal by way of a scheme of arrangement that...
https://www.marinelog.com/news/austal-confirms-takeover-offer-from-hanwha-ocean/