Wildcat set to pounce on Austal USA

AUSTAL USA is at the centre of a rapidly escalating takeover battle, with a little‑known American investment company preparing to launch a rival bid for the Australian‑owned defence shipbuilder.

The move comes just weeks after South Korea’s Hanwha Defence USA lodged a preliminary offer valued between US$1.49 billion and US$1.7 billion for Austal’s US operations, triggering scrutiny across defence and political circles.

According to The West Australian newspaper, Florida‑based Wildcat Infrastructure is expected to unveil its own proposal within days, positioning itself as an American alternative to Hanwha’s bid.

Sources quoted in the report say the Trump administration may look more favourably on a US‑owned buyer acquiring Austal USA, particularly given the shipbuilder’s role supplying vessels to the Pentagon from its Mobile, Alabama yard.

Austal USA is the largest Australian‑owned defence company operating in the United States, producing the Independence‑variant Littoral Combat Ships and Spearhead‑class Expeditionary Fast Transport vessels for the US Navy.

Hanwha’s interest in the business has been long‑running, and the South Korean conglomerate is already one of Austal’s largest shareholders, behind Fortescue executive chairman Andrew Forrest.

Austal CEO Paddy Gregg told investors last week that Hanwha’s proposal had “great momentum” and enjoyed support from senior figures within the US Department of War, noting that the company had authorised Hanwha to undertake due diligence to strengthen the certainty of any final offer. The West Australian reports Gregg described the indicative, non‑binding proposal as a “major development” for the shipbuilder this year.

The takeover contest also intersects with Australia’s own strategic shipbuilding agenda. In December, Treasurer Jim Chalmers approved Hanwha doubling its ownership stake in Austal’s Henderson operations to 19.9% — a move that has reportedly caused concern in Japan, where Japanese‑designed warships are slated for construction at Austal’s WA facilities. South Korea and Japan remain long‑time strategic rivals, adding geopolitical complexity to the bid.

Wildcat Infrastructure, led by Eric Nicolaides, has interests across the US, India and South Korea. The company declined to comment when contacted by The West Australian, but sources familiar with the bid suggest Wildcat may ultimately seek to acquire Austal’s Australian and Asian facilities as well as its US operations .

For the maritime and logistics sector, the competing bids raise significant questions about the future of Austal’s global footprint, the stability of its US defence programs, and the long‑term implications for Australia’s sovereign shipbuilding capability. With Hanwha already progressing due diligence and Wildcat preparing to enter the contest, the next phase of the takeover battle is expected to unfold quickly.