SOUTH Korean conglomerate Hanwha has renewed its interest in Australian ship builder Austal after walking away from an earlier bid six months ago.
In a notice to the Australian Stock Exchange Hanwha announced it was buying 9.9% of Austal shares.
It aims to take its total interest in Austal to 19.9%.
For that to take place the South Korean conglomerate would seek approval from the Foreign Investment Review Board.
The raid follows its failed $1.02 billion bid last year.
Hanwha Group is one of South Korea’s biggest conglomerates. It was founded in 1952 as Korea Explosives Co focusing on explosives but has diversified into a range of industries including energy, defence, aerospace, chemicals, construction and finance.
It is a key player in the defence industry producing advanced weaponry and systems.
Global shipbuilder, Austal, has built more than 350 vessels for 122 commercial and defence operators in 59 countries.
It is Australia’s largest defence exporter and first ASX-listed shipbuilder. The Company has shipyards in Australia, the US, Philippines and Vietnam, and service centres worldwide.
Austal is one of only two, foreign-owned prime contractors designing, constructing and maintaining ships for the US Navy.
