Latest news with #Austal
Korea Herald
2 hours ago
- Business
- Korea Herald
Hanwha wins US approval to acquire full stake in Austal
Hanwha Group said Tuesday it has received approval from the US government to acquire up to 100 percent of shares in Austal Limited, a global maritime defense company headquartered in Australia. The clearance was granted on Friday by the Committee on Foreign Investment in the United States, the US agency responsible for reviewing the national security implications of foreign investments. Although Hanwha initially sought to increase its stake in Austal from 9.9 percent to 19.9 percent, the US government authorized the group to acquire up to full ownership. CFIUS stated there were "no unresolved national security concerns" regarding the proposed investment. Hanwha's acquisition aligns with its broader plan to integrate its advanced shipbuilding technologies and defense capabilities with Austal's global operations. 'This approval marks an important milestone that reflects the trust and support we've earned from the US government,' said Michael Coulter, CEO of Hanwha Global Defense. 'It recognizes our technological capabilities and performance in collaboration with the US and its allies. By combining Korean shipbuilding expertise with the US defense industry, we aim to strengthen the competitiveness of American shipbuilding.' The company is also awaiting regulatory approval from Australia's Foreign Investment Review Board to increase its stake in Austal. If successful, Hanwha aims to expand joint projects in both the US and Australian defense markets while contributing to the long-term competitiveness of the global shipbuilding industry.
AU Financial Review
2 hours ago
- Business
- AU Financial Review
Hanwha says it has the green light to buy all of Austal, if it wants
Hanwha says it has been given approval by foreign investment officials in the United States to buy out the entirety of Austal, the ASX-listed shipbuilder that specialises in defence and has a major facility in Alabama. But Austal, which is backed by the billionaire Forrest family and has long pushed back against Hanwha's interest in acquiring the company, accused the Korean conglomerate of misrepresenting the approvals.
Korea Herald
5 hours ago
- Business
- Korea Herald
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)
Business Insider
5 days ago
- Business
- Business Insider
Bell Potter downgrades Austal (AUTLF) to a Hold
In a report released today, Daniel Lang from Bell Potter downgraded Austal (AUTLF – Research Report) to a Hold, with a price target of A$5.60. The company's shares closed today at $3.76. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Lang is a 5-star analyst with an average return of 33.6% and a 77.78% success rate. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Austal with a $2.75 average price target. The company has a one-year high of $4.04 and a one-year low of $1.39. Currently, Austal has an average volume of 5,662.
West Australian
23-05-2025
- Business
- West Australian
WA shipbuilder Austal names banking boss Richard Gibb to join board
Henderson naval shipbuilder Austal has picked former Credit Suisse Australia boss Richard Gibb to join its board as a non-executive director. Mr Gibb held the top job at Credit Suisse for five years until 2024 and is currently chair of the risk committee at big four bank ANZ. He joins Austal on June 2. Announcing the appointment to the market on Friday, Paddy Gregg-led Austal said Mr Gibb had spent over 35 years in international finance and investment banking. 'Richard possesses important international finance, M&A and capital management skills,' Austal chair Richard Spencer said. 'When combined with existing board defence and manufacturing operations skillsets, he will provide important expertise to Austal as we expand our operations in the USA and our role in Australia.' It comes just over two months after South Korean group Hanwha secured a 9.9 per cent major shareholding stake in Austal. Hanwah is seeking approval from the Foreign Investment Review Board to build up its stake even further to 19.9 per cent, generally considered the Australian takeover threshold. Speaking to The West Australian earlier this year, Hanwha Defence's chief executive Michael Coulter did not rule out a future takeover of Austal.
