CANBERRA, ACT, Dec. 12 -- The Treasurer of Australia issued the following media release:
Today I have agreed to the clear recommendation from the Foreign Investment Review Board to not object to Hanwha's proposal to increase its shareholding in Austal Limited from 9.9percent to 19.9percent, subject to strict conditions.
My decision was not taken lightly and comes after extensive consultation and long and careful deliberation.
It follows a thorough and robust process that took account of all the relevant economic, national security and other national interest issues.
Hanwha would remain a minority shareholder under this proposal and cannot increase its shareholding above 19.9percent.
This decision ensures there are greater protections f...