Hanwha Aerospace Abandons $1B Bid for Poongsan Ammunition Unit

Hanwha Aerospace has halted its review of acquiring Poongsan Corporation's ammunition business, valued at approximately 1.5 trillion won ($1B). Industry officials pointed to regulatory hurdles including required government approvals and antitrust concerns, as well as shareholder approval requiring a two-thirds majority. The withdrawal came six days after Hanwha, the sole bidder, submitted its final proposal on April 3.