Australian shipbuilder Austal said on Tuesday that Hanwha Group had offered to buy its U.S. operations for up to $1.20 billion as the South Korean conglomerate seeks to expand in the American defence market. Hanwha Defence USA offered to buy Austal's U.S. entities and operations for $1.05 billion to $1.20 billion, a move that would deepen its push into the U.S. defence market after acquiring the Philly Shipyard in Philadelphia in 2024. LSEG data showed an entity owned by Hanwha still owned a 9.9% stake in Austal, while a private entity owned by billionaire Andrew Forrest held a 19.28% stake. Hanwha Group told Reuters it owned a 19.9% stake in Austal, without disclosing further details. Austal said Hanwha owns a 9.9% stake and a cash-settled equity swap arrangement for another 9.9%, which Hanwha also confirmed.