Ann: Response to media regarding non-binding offer from Hanwha, page-81

https://www.theaustralian.com.au/bu...r/news-story/691572fe2deb4d572b2192e54f4b3cce


Markets wonder if Hanwha will return with fresh Austal offer

Austal is one of only two Australian ship builders capable of building war ships for the government. Picture: AFP

• By BRIDGET CARTER
• 7:00PM MAY 6, 2024

As the defence industry digests the news about the departure of Hanwha Australia’s head of defence last week, there’s still plenty scratching their heads over the government’s decision to pave the way for the Korean firm to buy Austal.

Hanwha Australia defence head Richard Cho stepped down in recent days, sparking plenty of chatter as to why.
But the more pressing matter for deal makers is whether Hanwha will return for another crack at Austal, backed by billionaire Andrew Forrest, as its shares closed up almost 6 per cent on Monday.

Hanwha’s first $1bn bid was rejected after Austal directors took the view that the deal would not gain clearance from the Foreign Investment Review Board.
Sources close to Austal suggested it had sought advice from FIRB, but regardless the offer needed to be higher from a financial perspective.

However, Defence Minister Richard Marles has since said the government would not stand in the way of an acquisition.