Austal Shares Jump on Hanwha Bid Extension
Austal shares climbed after extending due diligence for Hanwha Group to bid on its US unit. Commercial talks are underway while tax implications are assessed. Wildcat Infrastructure also maintains a competing proposal.
Xurve View
Insights:
Xurve View
AUSTAL LTD shares jumped 11.5% to A$4.18 during Wednesday morning trading after extending due diligence for HANWHA CORPORATION to acquire its United States operations. The surge marks the strongest intraday gain for the Australia-based shipbuilder since August 11. The extension gives the South Korea conglomerate more time to finalize a formal acquisition proposal.
