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flag Hanwha Group acquires 9.9% stake in Austal, aiming to boost U.S. shipbuilding presence.

flag South Korean conglomerate Hanwha Group has acquired a 9.9% stake in Australian shipbuilder Austal, purchasing 41.2 million shares at A$4.45 each. flag This follows a failed takeover bid last year. flag The acquisition, which needs regulatory approvals from Australia and the U.S., aims to expand Hanwha's presence in the U.S. shipbuilding market, as Austal supplies vessels for the U.S. Navy's Littoral Combat Ships program.

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