(Reuters) – South Korean conglomerate Hanwha now owns a 9.9% stake in Australian shipbuilder Austal, an exchange filing showed on Tuesday.
The company, whose A$1.02 billion ($650.96 million) takeover bid was rejected by Austal last year, has acquired 41.2 million shares in Austal at a price of A$4.45 per share, according to the filing.
Reuters reported on Monday that Hanwha was aiming to buy up to 9.9% of Austal’s shares, citing a term sheet.
($1 = 1.5669 Australian dollars)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Pooja Desai)
