Korea's Hanwha buying 9.9% stake in Australian shipbuilder Austal

Korea's Hanwha buying 9.9% stake in Australian shipbuilder Austal

FILE PHOTO: The logo of Hanwha is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmann/File Photo

Korea’s Hanwha is buying up to 9.9% of Australian shipbuilder Austal on Monday in an after-market offer following its failed A$1.02 billion ($646.17 million) takeover bid last year, according to a term sheet.

Hanwha is offering A$4.45 each for 41.2 million Austal shares, according to the term sheet that was seen by Reuters.

A message sent by the deal’s bookrunners said books had been covered for the transaction.

Reuters

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