Stock Track | AUSTAL LTD Plummets 5.14% Intraday as Treasurer Approves Hanwha's Increased Stake

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AUSTAL LTD (ASB.AU) saw its shares drop sharply by 5.14% during intraday trading on Friday, following the Australian treasurer's approval of South Korean conglomerate Hanwha's bid to increase its stake in the company.

The treasurer approved Hanwha's proposal to raise its shareholding from 9.9% to 19.9%, subject to strict conditions, including limits on access to sensitive information and stringent criteria for board representation. Investors may have reacted negatively due to concerns about potential dilution or the implications of increased foreign ownership in a strategic defense company.

Austal is a key player in Australia's defense industry, with shipyards in the U.S., Australia, and Asia. The company builds vessels for the U.S. and Australian militaries, making it a critical asset amid growing geopolitical tensions.

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