Hanwha Group submitted a bid to acquire Austal, an Australian-based shipbuilder for the U.S. Navy, pending due diligence, but Austal rejected it due to regulatory concerns.

Hanwha Group, a South Korean conglomerate, submitted a bid to acquire global shipbuilding leader Austal, subject to due diligence. Austal, an Australian-based company, designs and constructs ships for the U.S. Navy. Hanwha is confident in the acquisition, but Austal has rejected the offer due to concerns about receiving approvals from Australian and U.S. regulators. These concerns stem from Austal's role as a partner to the Australian and U.S. navies.