Hanwha wins US approval to acquire stake in Australia-based shipbuilder Austal
South Korea's Hanwha Group said Tuesday it has received approval from the US government to acquire up to a 100 percent stake in Australia-based shipbuilding and defense firm Austal, clearing a major hurdle in its push to expand its presence in the global defense market.
The recent approval from the Committee on Foreign Investment in the United States (CFIUS) allows Hanwha to increase its current 9.9 percent stake in Austal to full ownership, the group said. Hanwha had initially filed for CFIUS to approve a 19.9 percent stake acquisition.
CFIUS is an interagency committee of the US government that reviews the national security implications of foreign investments in US companies. Austal operates a major US naval shipyard in the United States.
The committee said there were no unresolved national security concerns with the deal, effectively recognizing the legitimacy of Hanwha's acquisition bid, the South Korean group said.
Hanwha first purchased a 9.9 percent stake in Austal in March and has since sought approvals from both the Australian and US governments to increase its holdings to 19.9 percent.
Headquartered in Australia, Austal is a global defense shipbuilder with major operations in the US, supplying vessels to the US Navy.
Hanwha said it plans to leverage its shipbuilding capabilities to boost Austal's global competitiveness while seeking to expand joint business opportunities in both the US and Australian defense markets. (Yonhap)
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