[Alpha Biz= Kim Jisun] Hanwha has officially denied any intention to acquire management control of Austal Limited, following the Australian government's move to establish protective measures around the shipbuilder's new defense subsidiary.



On August 5, Austal announced on its official website that it had signed a Strategic Shipbuilding Agreement (SSA) with the Australian government, under which its newly established subsidiary, Austal Defense Australia, has been designated as a Tier 2 Strategic Shipbuilder. As part of the agreement, the Australian government was granted a call option to acquire shares in the subsidiary if any third party acquires 20% or more of Austal’s shares.



Under this new structure, the government holds one priority share in Austal Defense Australia, with provisions allowing it to intervene and secure equity in the subsidiary in the event of a significant stake acquisition by an outside entity—effectively a mechanism to guard against foreign takeovers.



Currently, Hanwha owns a 9.9% stake in Austal, and has been seeking approval from the Australian government to increase its holding to 19.9%. However, the latest safeguards have introduced uncertainty around Hanwha’s long-term investment trajectory.



Hanwha previously made a full acquisition proposal for Austal worth AUD 1.02 billion (approx. KRW 910 billion) in 2023, which was rejected by Austal’s management. In June 2025, Hanwha received U.S. government approval to own up to 100% of Austal shares, raising expectations of a successful acquisition. However, the new protective measures from Australia have added fresh complications. Though headquartered in Australia, Austal operates key military shipbuilding yards in Mobile, Alabama and San Diego, California, making approvals from both the U.S. and Australian governments essential for any deal.



In response to the Australian government’s move, Hanwha issued a statement clarifying its position, saying:



“Today’s announcement from Austal pertains to the Australian government’s right to purchase shares in Austal Defense Australia if a third party acquires more than 20% of Austal. This is unrelated to Hanwha’s current shareholding or acquisition activity.”
“Hanwha currently holds a 9.9% stake in Austal and is awaiting approval to increase it to 19.9%. Our intention is not to acquire control but to strengthen strategic cooperation through shareholding.”



This development signals a shift in Hanwha's posture from full acquisition to long-term strategic partnership and joint development in the defense sector, aligning with regional security considerations of both Canberra and Washington.

 

 

 

 

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