한화, 오스탈 주식 인수

[위종민]

한화가 작년 인수에 실패했던 호주 조선업체 오스탈의 인수를 다시 시도하네요. 오스탈의 지분 9.9%를 인수했고, 19.9%까지 늘리기 위한 승인을 신청했다고 합니다. 이게 적대적 M&A 시도인지 아닌지는 기사상으로는 판단 못하겠습니다 ㅎㅎㅎ 

Hanwha acquires 9.9% of Austal, seeks approval for additional investment - Naval News

Hanwha acquires 9.9% of Austal, seeks approval for additional investment

• Published on 17/03/2025
• By Naval News Staff
• In News

Austal builds a variety of ships for both Australia and the United States including USS Canberra (LCS-30) which was commissioned in Sydney, Australia, but built in Mobile Alabama. Hanwha has now bought 9.9% of Austal. (Commonwealth of Australia)

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Hanwha’s offer follows an aborted attempt to buyout the company in April last year.

Hanwha Group Press Release:

Hanwha Group has acquired a 9.9% shareholding in Austal as the Group seeks to become a long-term strategic partner with Austal in developing Australia’s defence industry capability.

Hanwha has today applied for Australian Foreign Investment Review Board (FIRB) approval to increase its shareholding in Austal to 19.9%.

Hanwha intends to make a meaningful contribution to Austal and Australia’s defence industry through bringing its extensive manufacturing and operational experience to maximise the opportunities in front of the company.

Global Chief Executive Officer and President at Hanwha Defence, Michael Coulter, said Hanwha believes in the long-term opportunity in partnering with Austal.

“As a strategic shareholder there will be a great opportunity for us to add significant value to Austal’s business, including in global defence and shipbuilding, supporting investment in Australia’s local manufacturing industry and capacity,”

Global Chief Executive Officer and President at Hanwha Defence, Michael Coulter

“Hanwha’s position as a global leader in smart shipbuilding will provide Austal access to capital, international relationships and operational and technical expertise which can accelerate the development of Austal’s business and in turn, enhance Australia’s sovereign defence capability, at a time when this capability is more important than ever,” he added.

“Hanwha’s global defence strategy prioritises growing local, sovereign presence through investment and partnerships, as exemplified by our investment in land capability in Geelong and elsewhere around the world. We believe strongly that we can replicate that success with Austal, investing in sovereign capabilities both in Australia and with its global operations.”

Mr Coulter said that Hanwha would engage with Austal about Board representation shortly.

In addition to its 9.9% shareholding, Hanwha has a 9.9% economic interest in relation to Austal via a cash-settled Total Return Swap (TRS) arrangement. Hanwha is also party to a cash-settled equity collar transaction in relation to Austal. Subject to the terms of the agreements, this economic interest in Austal hedges Hanwha’s exposure to future movements in Austal’s share price.

Naval News Comment

According to documents filed with the Australian Securities Exchange (ASX) Hanwha purchased its 9.9% shareholding for $183 million AUD (~$116 million). Hanwha paid a premium of $4.45 AUD a share. Austal’s stock last closed at $3.86 AUD a share.

Hanwha’s purchase of Austal shares comes after Austal rejected a buyout offer from Hanwha in April 2024. At the time, Austal cited concerns that the necessary approvals would not be granted by the Australian Government as its reasons for rejecting the offer.

Austal said at the time:

“The Austal Board, together with its advisers, has considered the Indicative Proposal in detail and engaged with Hanwha in relation to whether the transaction described in the Indicative Proposal would obtain the relevant regulatory approvals in Australia and the USA to enable it to proceed. At present Austal is not satisfied that these mandatory approvals would be secured, however the company is open to further engagement if Hanwha is able to provide certainty on whether a transaction would be approved,”

Under Australian law, the Foreign Investment Review Board (FIRB) which is accountable to the federal Treasurer, must approve any investment worth more than $339 million AUD in ‘sensitive business’ such as those who supply equipment to the Australian Defence Force (ADF).

It isn’t clear if or when the FIRB will approve Hanwha’s bid to acquire up to 19.9% of Austal shares.

Naval News‘ has previously toured Austal’s Australian shipyard at Henderson, Western Australia where the company is building patrol boats and other vessels for the ADF.