Australian Treasurer approves Hanhwa's plan to increase Austal shareholding

The Australian Treasurer has approved the plan for South Korean conglomerate Hanwha to increase its stake in Australian shipbuilder Austal, and stated that the transaction will be subject to strict conditions. Hanwha currently holds 9.9% of Austal's shares and aims to increase its ownership to 19.9%. The company has expressed its goal of becoming a long-term partner of Austal. Austal has been recognized by the Australian government as a strategic shipbuilder. Hanwha had previously proposed a full acquisition of Austal.