how to play submarines in world of warships

“It is all theoretical, but one would assume that a US owner would be acceptable to the US Navy,” he said. Asked about the change-of-control provisions on Wednesday, Austal chief executive Paddy Gregg said any party interested in acquiring the company would need to satisfy themselves they would gain that approval.Īustal chief executive Paddy Gregg with the USS Canberra in Sydney Harbour. Korean conglomerate Hanwha, which The Australian Financial Review’s Street Talk column reported had engaged Macquarie Capital to prepare a bid for Austal, is the suitor most likely to struggle to be approved by the US Navy. Austal counts Andrew and Nicola Forrest as its major shareholder, with a 19.9 per cent stake.

The provisions and the strategic importance of the work being done by Austal – including warships, coastguard vessels and submarines – mean only a narrow field of private equity funds, mainly in the US, will be able to make a takeover offer for the company. The United States Navy has written onerous change-of-control provisions into long-running contracts potentially worth billions of dollars with Austal, the ASX-listed shipbuilder fielding interest from acquisitive international firms.

How to play submarines in world of warships