Austal Limited (ASB.AX)

UPDATE 6-Austal rejects Hanwha's $662 mln offer citing regulatory hurdles

Australian shipbuilder Austal said on Tuesday it had rejected an A$1.02 billion ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations. The Western Australia-based firm said it had received a bid at A$2.825 per share, representing a premium of 28.4% to Austal's last closing price. Austal's shares rose 8.2% in early trade, while the Australian S&P/ASX200 index was flat.