Wild card bids for Austal USA. By Max Blenkin | Canberra | 9 September 2026 2 / 3 free articles left. Australian shipbuilder Austal has received a second bid to buy its US subsidiary Austal USA. That follows a bid for Austal USA from Hanwha Defense USA, a subsidiary of South Korean defence and industrial powerhouse Hanwha Aerospace. The latest bid comes from Miami-based Wildcat Infrastructure which has put forward a non-binding bid to Austal's board to buy Austal USA, comprising the company's US entities and shipyard at Mobile, Alabama. Their proposal values Austal USA at between $US 1.25 billion (approx. A $1.73 billion) and $US 1.35 billion (approx. A $1.87 billion). That's a big step up on the Hanwha bid which values Austal USA at US $1.05 billion (approx. A $1.45 billion) to US $1.2 billion (approx. A $1.66 billion). Not much is known about Wildcat Infrastructure. The company website says Wildcat Equity Partners is a privately held family investment firm "focused on businesses where long-term capital, management expertise and perseverance can make all the difference." According to its LinkedIn profile, Wildcat Infrastructure "builds and acquires next-generation companies driven by the global demand for critical infrastructure, specifically Energy (clean and renewable), Information (5G), Transport (bridge and roads) and Water Infrastructure (clean water and wastewater systems)." Wildcat Infrastructure president and executive director is businessman George Nicolaides whose entry on LinkedIn shows a background in the oil sector. In a statement to the Australian Securities Exchange (ASX), Austal said Wildcat had indicated it intended to operate the company as a standalone platform, retaining the Austal brand and the company's US operations. "The board and its advisers will consider the transaction proposed by Wildcat," the statement said. Like the Hanwha bid, this was good news for shareholders with Austal shares jumping 6.4 per cent to $4.63, their highest level since April. Austal is the largest Australian owned defence company operating in the US, building a numbers of ships for the US Navy, including the Independence-variant Littoral Combat Ships and Spearhead-class Expeditionary Fast Transport vessels. In 2024, Hanwha made an unsuccessful takeover bid for all of Austal. The company rejected the offer citing concerns that regulatory approvals from the US and Australia would not be forthcoming. But at the time, Austal said they remained open to "further engagement if Hanwha is able to provide certainty on whether a transaction would be approved." Hanwha subsequently withdrew the offer. However, Hanwha does own almost 20 per cent of Austal in Australia. Wildcat's bid could open the way for a bidding war. Another issue is whether the US would approve a sale to South Korea, considering the Trump administration's strong America first stance. As well, Trump ordered a scaling back on joint exercises because of South Korea's refusal to assist the US in its conflict against Iran.