ASX 200 LIVE: Austal waits on Hanwha’s board seat move after Chalmers stake nod

South Korea’s Hanwha is set to become CEO Paddy Gregg-led Austal’s largest shareholder, setting the stage for a boardroom fight with current top stakeholder Tattarang, owned by Andrew and Nicola Forrest.

Treasurer Jim Chalmer's approval means Austal CEO Paddy Gregg will have to keep major shareholders Hanwha and Tattarang, owned by Nicola and Andrew Forrest, on side.

The Australian’s rolling coverage of business and markets news for Friday, December 12.

The ASX 200 index is 1 per cent higher at 8677 points at 224pm AEDT, led by the heavyweight materials sector amid a switch from tech giants to value stocks on Wall Street.

Originally published as ASX 200 LIVE: Austal waits on Hanwha’s board seat move after Chalmers stake nod