Korea's Hanwha aims to buy up to 9.9% of Australian shipbuilder Austal in an after-market offer following its failed A$1.02 billion ($646.17 million) takeover bid last year, a term sheet showed on
Korea's Hanwha aims to buy up to 9.9% of Australian shipbuilder Austal in an after-market offer following its failed A$1.02 billion ($646.17 million) takeover bid last year, a term sheet showed on Monday.
Hanwha has offered A$4.45 each for 41.2 million Austal shares, showed the term sheet reviewed by Reuters.
The deal's bookrunners, in a message seen by Reuters, told investors the books had been covered for the transaction.
The Korean company does not intend to make a takeover bid for Austal "at this time", the term sheet showed.
Hanwha and Austal did not immediately respond to requests for comment.
The offer price represents a 16.2% premium to Austal's closing share price on Monday of A$3.83.
Hanwha did not hold any direct ownership of Austal before the after-market offer, the term sheet showed, though it does hold a 9.9% interest through a cash-settled total return swap.
The Korean company intends to apply for Australian foreign regulatory approval to take its shareholding to 19.9%, the term sheet showed.
Hanwha Group is South Korea's seventh-largest conglomerate with 112 trillion won ($77.33 billion) in assets spanning the energy, defence and financial industries.
(Reuters)
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