The Korean defense company hopes to enhance its strategic partnership with Austal to empower both companies’ defense and shipbuilding capabilities as key global players and contribute to Australia’s defense and shipbuilding industries through the latest stake acquisition, Michael Coulter, Hanwha Aerospace's defense business global chief executive and president, said in a statement.“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 defense capability, at a time when this capability is more important than ever,” he added.In addition to its 9.9% shareholding, Hanwha clinched a cash-settled Total Return Swap (TRS) arrangement over an additional 9.9% stake in Austal, a contract allowing the party receiving the total return to gain exposure and benefit from a reference asset.
South Korean chemicals-to-defense conglomerate Hanwha Group has taken over a 9.9% stake in Austal Ltd., an Australian shipbuilder, for 183.3 million Australian dollars ($117 million) to cement its presence as a key player in the global shipbuilding and defense sectors, the company announced on Tuesday.
According to defense company Hanwha Systems Co.announced in a regulatory filing that it acquired 41.2 million shares in Austal for 4.45 Australian dollars a share, or 183.3 million Australian dollars in total, after the market closed on Monday.
The story "S.Korea’s Hanwha acquires 9.9% in Australia’s Austal" has 850 words across 34 sentences, which will take approximately 4 - 8 minutes for the average person to read.
Which news outlet covered this story?
The story "S.Korea’s Hanwha acquires 9.9% in Australia’s Austal" was covered 12 hours ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 8 news stories per day.
It's most recent story was published 3 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
