Australia's defense chief said Wednesday his government does not have concerns over South Korean defense giant Hanwha Group's bid to acquire Australian shipbuilder Austal. Defense Minister Richard Marles made the remarks after Austal reportedly rejected a takeover offer by the conglomerate's shipbuilding unit Hanwha Ocean earlier this month as Australian and U.S. regulators were unlikely to approve it. "Ultimately, this is a matter for Austal, they are a private company," he said after talks between South Korean and Australian foreign and defense ministers. "From the government's perspective we don't have any concern about Hanwha moving in this direction." Marles, who doubles as Australia's deputy prime minister, noted that Canberra views Austal as a "strategic" shipbuilder and that security arrangements will have to be put in place in respect to sensitive technologies and intellectual property no matter the future of Austal. "Were there anything that were to transpire in relation to Hanwha that would ne ed to be managed in that context as well," he said. The remarks come as Hanwha has expressed hopes to acquire Austal amid recently deepening arms industry ties between South Korea and Australia. In December, the Australian subsidiary of Hanwha Aerospace secured a US$2.4 billion deal to sell 129 Redback infantry fighting vehicles to Australia. It was Hanwha's second export to Australia following a 2021 deal for K-9 self-propelled howitzers. Source: Yonhap News Agency