{"text":[[{"start":7.16,"text":"South Korea’s biggest defence company has made a preliminary bid of up to $1.2bn for Austal’s US shipbuilding unit as it seeks to expand its role in America’s naval supply chain."}],[{"start":19.74,"text":"Austal said on Tuesday it would allow Hanwha Aerospace to conduct four weeks of due diligence to strengthen its offer for the US business, which sells ships to the navy and coastguard."}],[{"start":30.76,"text":"The bid comes after several unsuccessful attempts by the South Korean group to acquire Austal, Australia’s largest shipbuilder. Last year, Canberra allowed Hanwha to double its stake in Austal to 19.9 per cent but set limits on its influence over one of Australia’s most important defence companies."}],[{"start":49.9,"text":"Austal said Hanwha’s latest offer did not include any of its operations in Australia, the Philippines and Vietnam."}],[{"start":56.8,"text":"Hanwha, which owns one of the world’s top 10 shipbuilders, has been intensifying efforts to grab a bigger share of the US shipbuilding market, buoyed by indications that President Donald Trump may be willing to outsource the production of naval vessels."}],[{"start":71.32,"text":"The Australian shipbuilder derives about 80 per cent of its revenue from the US, and Hanwha views the Perth-based company as a gateway into the American naval shipbuilding market."}],[{"start":81.24,"text":"Austal’s shares jumped 18.5 per cent on Tuesday, boosting the company’s market value to A$1.9bn ($1.3bn), while Hanwha’s shares fell 4.5 per cent."}],[{"start":94.56,"text":"Austal said its US business, based in Mobile, Alabama, was expected to post a A$175mn operating loss in the year to June 30, due to some lossmaking legacy contracts."}],[{"start":107.08,"text":"South Korea has emerged as one of the world’s 10 biggest defence exporters on the back of strong orders, particularly from eastern European countries, since Russia’s full-scale invasion of Ukraine in 2022."}],[{"start":119.86,"text":"Shares of Hanwha, the leading exporter of self-propelled howitzers, have nearly quadrupled over the past two years on robust overseas orders, as Europe steps up rearmament amid Trump’s questioning of Nato commitments."}],[{"start":132.96,"text":"Among global arms producers, Hanwha has had one of the biggest increases in new orders, with its backlog jumping from Won20tn ($14bn) in 2022 to Won38.3tn in the second quarter of this year."}],[{"start":148.72,"text":"Operating profit rose 44 per cent year on year to Won2tn in the first half of this year as sales increased 27.5 per cent to Won15tn. It aims to boost annual sales and operating profit to Won70tn and Won10tn, respectively, by 2035 through overseas expansion."}],[{"start":169.28,"text":"Hanwha Group acquired the Philly Shipyard in Pennsylvania in 2024 and modernised its infrastructure, anticipating more contracts tied to naval maintenance, repair and operations and shipbuilding."}],[{"start":181.74,"text":"The company is expected to support Washington’s efforts to strengthen its naval force and keep pace with China’s naval build-up."}],[{"start":188.48,"text":"Last year, Trump said he had given South Korea permission to build nuclear-powered submarines in Philly Shipyard."}],[{"start":199.2,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786424969_1973.mp3"}