Korean conglomerate Hanwha has hired Macquarie Capital banker Stuart Owen to provide advice.
It appears Street Talk’s eagle eye missed one defence major lurking in the data room of takeover target Austal.
The takeover interest has buoyed Austal – as have recent deals with the US Navy – with shares rising 15 per cent in the last month to close at $2.65 on Monday. They have risen some 29.9 per cent since January 1, giving the company a market capitalisation of around $960 million. Austal’s largest shareholder is Fortescue Metals chairman Andrew Forrest.
Hanwha, which is listed in Korea and has an enterprise value of about $42 billion, has aggressively expanded into shipbuilding this year, acquiring a controlling interest in Daewoo Shipbuilding & Marine Engineering, one of South Korea’s three major shipbuilders, in May. Hanwha secured a 49.3 per cent stake in the company for $US1.49 billion . Daewoo Shipbuilding has subsequently changed its name to Hanwha Ocean.
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