Is Philly Shipyard a Hanwha takeover target?

Back in July, Korean shipbuilder Hanwha Ocean was reportedly among the suitors in a rumored bid to acquire Austal. As we reported at that time, Austal said:

“Austal is regularly involved in discussions with potential parties concerning strategic initiatives to create value for its shareholders. While discussions may take place from time to time, there can be no certainty that any opportunity will proceed … Austal will keep shareholders informed in accordance with its continuous disclosure obligations.”

Now there has been speculation in at least one Korean media outlet that Hanwha Ocean (the former Daewoo Shipbuilding & Marine Engineering, acquired by the Hanwha Group earlier this year) has been eyeing an acquisition of Philly Shipyard. Here’s what Philly Shipyard’s owner, Oslo-listed Philly Shipyard ASA, said yesterday:

“Philly Shipyard ASA … has noted the recent press speculations regarding a potential transaction involving the company and a Korean shipyard owner, Hanwha Ocean. As a matter of company policy, we do not comment on rumors or speculation. The company is continuously looking at strategic alternatives to maximize shareholder value and will inform the market in due course if and when appropriate in accordance with applicable law and regulations.”

Takeover rumors are always helpful for share prices and Philly Shipyard ASA shares were trading higher today.