Shipbuilder Austal gets $1.2 billion offer for US operations from Hanwha
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Aug 11 : Australian shipbuilder Austal Ltd said on Tuesday it had received an offer from a unit of South Korea’s Hanwha Group to buy its U.S. operations for an indicative enterprise value of up to $1.20 billion.
Hanwha Defence USA has offered $1.05 billion to $1.20 billion for Austal’s U.S. entities and operations, the Australian company said.
Austal has agreed to provide the South Korean conglomerate four weeks to conduct due diligence, it added.
The shipbuilder’s U.S. operations are expected to book an operating earnings loss of A$175 million in the year to June 30, reflecting higher expected losses on several shipbuilding programmes.
Source: Reuters
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