Reported 2 days ago
Australian shipbuilder Austal Ltd. saw a significant boost in its stock after Hanwha Aerospace, a subsidiary of South Korea's leading defense firm, purchased a 9.9% stake and indicated plans to increase this to 19.9%. This move by Hanwha aims to strengthen strategic partnerships in the U.S. amid a growing global defense and shipbuilding market. Analysts believe this acquisition positions both Hanwha and Austal favorably for gaining contracts from the U.S. Navy.
Source: YAHOO