South Korea's Hanwha Ocean halts talks to acquire shipbuilder Austal
FILE PHOTO: A model Hanwha Ocean submarine is displayed during the 2023 Seoul International Aerospace and Defense Exhibition (ADEX) in Seongnam, South Korea, October 18, 2023. REUTERS/Ju-min Park/File Photo
SEOUL : South Korea's Hanwha Ocean said in a regulatory filing on Wednesday it has halted talks to acquire Australian shipbuilder Austal .
In April, Austal said it had rejected an A$1.02 billion ($701.35 million) takeover offer because it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.
Hanwha Ocean, which is part of South Korea's seventh-largest conglomerate with 80 trillion won ($60.14 billion) in assets, spanning the energy, defence and financial industries, said it has agreed to halt talks about the acquisition with Austal's management and board of directors and notified them.
The South Korean company did not provide further details.
($1 = 1,330.1200 won)
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