Australia’s only listed defence company is at the centre of a dealmaking tussle likely to shape Washington and Canberra’s ability to respond to China’s maritime military build-up.
Perth-based Austal is resisting takeover efforts by South Korea’s Hanwha Ocean, one of the world’s biggest shipbuilders, which says its ownership would boost Australia’s shipbuilding prowess as China increases its naval power.
Austal’s board rejected a bid last year on valuation grounds, and in March said a second, $1bn bid had no realistic prospect of approval by Canberra or Washington due to “ownership clauses associated with defence contracts” in Australia and the US, where Austal also has two shipyards and carries out work for the US Navy.
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