Hanwha Defense USA has made a preliminary offer valued between $1.05 billion and $1.2 billion to acquire Austal's U.S. business, following its expansion to a 19.9 percent stake in the Australian parent company and its prior acquisition of Philly Shipyard. Austal, headquartered in Australia with major U.S. operations supplying vessels to the Navy, is the target of Hanwha's reported $1 billion push into American naval shipbuilding. The transaction remains subject to regulatory approvals including CFIUS review.