The Australian Treasury Secretary has approved South Korean conglomerate Hanwha's plan to increase its shares in Australian shipbuilder Austal, and said the deal will be subject to strict conditions. Hanwha currently holds 9.9% of Austal's shares and hopes to increase its shareholding ratio to 19.9%. The company has stated that it aims to be a long-term partner of Austal. Austal has been identified by the Australian Government as a strategic shipbuilder. Hanwha previously proposed full acquisition of Austal.

The Australian Treasury Secretary has approved South Korean conglomerate Hanwha's plan to increase its shares in Australian shipbuilder Austal, and said the deal will be subject to strict conditions. Hanwha currently holds 9.9% of Austal's shares and hopes to increase its shareholding ratio to 19.9%. The company has stated that it aims to be a long-term partner of Austal. Austal has been identified by the Australian Government as a strategic shipbuilder. Hanwha previously proposed full acquisition of Austal.