South Korea’s Hanwha Group and its target, ASX-listed navy shipbuilder Austal, have reached an impasse.
Contrary to unsubstantiated news reports, Hanwha is not preparing a fourth non-binding offer for the $880 million Austal. Instead, it is seeking to renegotiate what it believes are unfair requirements – put in place by Austal’s board of directors – for the right to enter the data room.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
