Hanwha bids for Austal USA

Hanwha Aerospace — Hanwha Defense USA, a subsidiary of Hanwha Aerospace, submitted a non-binding offer to acquire Austal — Austal USA, the U.S. operations of Australian shipbuilder Austal, for between $1.05 billion and $1.2 billion. The bid aims to secure a U.S. shipyard capable of building warships, complementing Hanwha's existing Philly Shipyard which focuses on commercial vessels. Austal — Austal USA, based in Mobile, Alabama, builds vessels for the U.S. Navy and Coast Guard, and produces modules for nuclear submarines. Austal's board granted Hanwha a four-week due diligence period. The deal is subject to regulatory approvals including CFIUS, DCSA, and antitrust review. Hanwha already holds a 19.9% stake in Austal, making it the largest shareholder. The acquisition would expand Hanwha's U.S. defense footprint and support the Korea-U.S. shipbuilding cooperation initiative (MASGA).