Hanwha makes $1.2bn play for Austal USA

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South Korea’s Hanwha has lodged a preliminary offer worth up to $1.2bn for Austal USA, one of the most strategically important naval yards in America. The non-binding proposal, made through Hanwha Defense USA, values the Mobile, Alabama-based business at between $1.05bn and $1.2bn on a cash- and debt-free basis. Austal has granted Hanwha four weeks …