The South Korean defence and aerospace conglomerate is working Austal’s shareholders, starting with its largest.
Austal’s Korean suitors are in the midst of a stealth charm offensive that’s expected to hit both coasts.
Eagle eyes spotted a contingent of Hanwha Group representatives taking in the view of Swan River from Cooee cafe. Upstairs, sources said the defence and aerospace conglomerate met with Andrew Forrest’s Tattarang, a major shareholder of its takeover target Austal. We imagine the conversation moved beyond Perth’s latest hot spell.Austal shipyard in Perth where a former navy ship will be converted into a vessel capable of being operated autonomously by the RAN.
As for the other shareholders, Austal’s long-serving chairman John Rothwell controls 9.04 per cent. Copia Investment Partners’ fund managers Chester Asset Management and OC Funds Management also hold stock.The Austal board has kept Hanwha out of the multi-suitor process, arguing its proposal has buckley’s chance of being accepted by the Foreign Investment Review Board, nor the US Navy and other military authorities given Austal’s sensitive defence contracts.
Austal is a shipbuilder with five shipyards in four countries – the United States, Australia, the Philippines and Vietnam. The prize for suitors is the many lucrative US Navy contracts Austal holds. Then there is the large pool of work up for grabs as part of the AUKUS defence pact between Australia, the United States and the United Kingdom.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories.
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