{"id":67417,"date":"2024-04-04T11:15:50","date_gmt":"2024-04-04T11:15:50","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2024\/04\/04\/austal-leaves-door-ajar-in-takeover-bid-from-hanwha-ocean\/"},"modified":"2026-08-20T14:05:37","modified_gmt":"2026-08-20T14:05:37","slug":"austal-leaves-door-ajar-in-takeover-bid-from-hanwha-ocean","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/global\/asia-pacific\/2024\/04\/04\/austal-leaves-door-ajar-in-takeover-bid-from-hanwha-ocean\/","title":{"rendered":"Austal leaves door ajar in takeover bid from Hanwha Ocean"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">CHRISTCHURCH, New Zealand \u2014 Despite an initial rejection from Austal, South Korean firm Hanwha Ocean\u2019s bid to buy out the Australian shipbuilder has some analysts pondering the benefits of such deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jennifer Parker, a naval analyst at the National Security College within the Australian National University, told Defense News: \u201cIf you think about what Australia is trying to achieve with its <a href=\"https:\/\/www.defensenews.com\/industry\/2023\/04\/14\/austal-eyes-1000-new-hires-for-nuclear-submarine-work\/\">continuous shipbuilding<\/a>, think about the fact that a lack of Australian ownership is not a barrier for being a sovereign defense industrial base, then I think there\u2019s a lot of opportunity.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet one obstacle to a takeover is regulatory approval from authorities like Australia\u2019s Foreign Investment Review Board (FIRB). In an April 2 press release, Austal said it was \u201cnot satisfied that these mandatory approvals would be secured.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hanwha Executive Vice President David Kim responded: \u201cThere is no foundation of the claim that the FIRB would reject Hanwha\u2019s acquisition of the company.\u201d The South Korean company has previously obtained the board\u2019s approval for investments in Australian armored vehicles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Domestic opportunities certainly abound. Australia\u2019s recent surface combatant fleet review recommended three general-purpose frigates be built overseas and eight in Western Australia. Korea\u2019s FFX-III frigate, which Hanwha Ocean is helping build, is one of four shortlisted designs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hanwha\u2019s acquisition of Austal would increase the chances of swaying the competition in favor of that ship design, Parker noted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, announced last November, Austal has a pilot agreement with Australia\u2019s Department of Defence to act as strategic partner in Western Australia. Already, Austal has landing craft and patrol boats in its order book.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Parker highlighted the Korean conglomerate\u2019s desire for a Five Eyes foothold, a reference to the intelligence-sharing club of New Zealand, Australia, Canada, Britain and the United States. \u201cI think that for Hanwha, who wants to get into the Five Eyes market, it sees that the industrial capacity of the U.S., Australia, New Zealand, Canada to build the ships they want is just not there.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prize of Austal USA, <a href=\"https:\/\/www.defensenews.com\/industry\/2022\/04\/08\/austal-focuses-on-ship-repair-supplying-components-while-it-awaits-construction-contracts\/\">a supplier of U.S. Navy vessels<\/a>, presumably enters Hanwha\u2019s calculus, even if this subsidiary has relative autonomy from Austal Australia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">American shipbuilders might be reluctant about a Korean competitor appearing, but Parker wondered whether the U.S. should not be leaning more on South Korea for assistance in producing ships. \u201cWe know the U.S. industrial base is struggling to produce ships and submarines \u2026 so there\u2019s opportunity there,\u201d she argued.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Parker highlighted different ideas over what \u201csovereign\u201d actually means when it comes to serving the Australian market. According to the government\u2019s \u201cDefence Industry Development Strategy,\u201d released in February, Australian ownership is not critical to sovereignty. Apart from the public optics of a 36-year-old Australian company being sold, Parker said, \u201cI can\u2019t right now see any significant disadvantage to it.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, it could signal to China that Australia is serious about relations with regional partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Leaving the door ajar, Austal said it \u201cis open to further engagement if Hanwha is able to provide certainty on whether a transaction would be approved.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The South Korean shipbuilder could help elevate the profile of Australia&#8217;s shipbuilding capabilities, argues Australia-based naval analyst Jennifer Parker.<\/p>\n","protected":false},"author":7,"featured_media":118761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":45,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[45,160,11,12,16,36],"tags":[8604],"coauthors":[3492],"class_list":["post-67417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-daily-news-roundup","category-global","category-industry","category-naval","category-newsletters","tag-australia"],"acf":{"subheadline":"","legacy_arc_id":"W4IIE2RD7BDQBBHZVWZ7LCZBB4","arc_canonical_url":"\/global\/asia-pacific\/2024\/04\/04\/austal-leaves-door-ajar-in-takeover-bid-from-hanwha-ocean\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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