Overview
- Regulatory filings from both companies confirm the sale will not proceed.
- Hanwha Aerospace said it ended its review of acquiring Poongsan’s defense business.
- Poongsan said it will keep the ammunition unit and is weighing restructuring to boost corporate and shareholder value.
- Earlier reports described a private tender in which Hanwha appeared to be the only serious bidder after rivals such as Hyundai Rotem did not participate.
- The abandoned deal blocks a near-term route for Hanwha to pair in-house ammunition production with its weapons platforms and exports.