Austal Extends Hanwha Review Period as Shares Rise
Hanwha has more time to assess Austal’s US business, while commercial talks begin and Wildcat remains in the running.
Key takeaways
- Austal extended Hanwha Group’s due-diligence period for its US business.
- Austal said commercial negotiations with Hanwha had started.
- Wildcat Infrastructure remains in discussions with Austal over its US operations.
Austal extended Hanwha Group’s due-diligence period, giving the South Korean conglomerate more time to prepare a formal offer for the shipbuilder’s US business. Austal said commercial negotiations with Hanwha had started on potential transaction terms.
Austal shares traded at A$4.105 at 03:48 GMT on Wednesday, up 9.47% since the previous close. They had earlier risen as much as 11.5% to A$4.18, according to the article.
Austal said substantive issues in the data room had been closed out, but some lower-materiality information requests remained. The company is also assessing tax implications and remains in discussions with Wildcat Infrastructure.
Wildcat offered up to $1.35 billion for Austal’s US business in September, topping Hanwha’s earlier offer of up to $1.20 billion.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
