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Apr 02, 2024 - 13:17
By asia.nikkei.com

Austal rejects Hanwha's $662m offer, citing regulatory hurdles

(Reuters) -- Australian shipbuilder Austal said on Tuesday it had rejected a 1.02 billion Australian dollar ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.

The Western Australia-based firm ASB.AX said it had received a bid at AU$2.825 per share, representing a premium of 28.4% to Austal's last closing price.