Austal

Hanwha Group has moved to acquire Austal Limited’s U.S. shipbuilding assets while U.S. rival Wildcat Resources LLC has submitted a $1.35 billion counter-bid. Austal USA is incurring massive losses on underbid contracts, saw a nearly 60% drop in net cash and faces trouble delivering an $11.8 billion order book for the U.S. Navy and Coast Guard. The situation creates a national security risk and the U.S. government views a swift, drama-free buyout by an experienced shipbuilder as the lowest-risk path to stabilize the yard and preserve critical programs. » Plus sur forbes.com

Austal's shares rose after it emerged that Wildcat Infrastructure submitted a non-binding expression of interest for Austal USA, valuing the US business on a cash- and debt-free basis at $1.25–1.35 billion. Wildcat intends to run Austal USA as a standalone platform, retaining the brand and US sites, and requests four weeks of due diligence. The offer tops, at the upper end, the Hanwha Group’s existing bid (up to $1.2 billion) and heightens the bidding competition, while Austal offsets losses in its US operations. » Plus sur de.investing.com

Austal shares rose 7.8% to A$4.69 after a consortium led by Wildcat Infrastructure confirmed a non-binding indicative offer of $1.25–1.35bn for Austal USA on a debt- and cash-free basis. The offer increases pressure on the earlier non-binding bid of $1.05–1.2bn submitted by Hanwha; Hanwha already holds 19.9% of Austal. Wildcat intends to retain the brand and the US business as a standalone platform, subject to around a four-week due diligence period, and the board is formally reviewing the offer. Supportive market sentiment and the stock’s inclusion in several industry ETFs contributed to the above-average price increase. » Plus sur de.investing.com