The government has announced it will not block a South Korean defence manufacturer’s bid to double its stake in an Australian-based shipbuilding company, but will impose “strict conditions” in response to Japanese concerns about the proposal.
Defence giant Hanwha is seeking to increase its shareholding in Austal—a major Australian naval shipbuilder—from 9.9 percent to 19.9 percent.
The South Korean public company was founded 73 years ago and recently announced earnings for the most recent 12-month period of 14,219 billion won (A$14.49 billion and US$9.66 billion), but its EBITA (Earnings Before Interest, Taxes, and Amortisation) was just 423,561,444 won (A$431,593/US$287,706).
It operates worldwide, with activities encompassing renewable energy, chemicals, advanced materials and defence….
Australia Greenlights Korean Giant’s Expanded Stake in Naval Shipbuilder
