South Korea’s Hanwha quits $1.2 billion takeover pursuit of Austal after cold shoulder

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South Korea’s Hanwha quits $1.2 billion takeover pursuit of Austal after cold shoulder

South Korean conglomerate Hanwha has quit its $1.2 billion pursuit of Austal with a ******-*****, accusing the Henderson shipbuilder of refusing to engage in good-****** takeover talks.

In a letter sent to Austal on Wednesday, Hanwha chief executive Hyek Woong Kwon said the group had pulled its proposed $2.825-a-share offer, citing the WA company’s lack of “*******” to negotiate a binding bid.

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