Hanwha makes up to $1.2 bln bid for Austal's U.S. unit

South Korea's Hanwha Group has submitted a bid of up to $1.2 billion to acquire the United States defense unit of Austal, an Australian shipbuilding company. The proposal, made public in August, targets the strategic assets of Austal USA, which operates as a key shipbuilder for the U.S. Navy.

The potential acquisition represents a significant expansion effort by Hanwha Group into the American defense and naval manufacturing market. By seeking control of Austal's U.S. operations, the South Korean conglomerate aims to position itself more closely with U.S. defense supply chains and naval production capabilities.