Hanwha doesn't want Austal for its Australian manufacturing sites, it wants Austal's fast transport design intellectual property and US Navy contracts. Nobody wants an Australian shipyard, especially not one in Western Australia which has the highest cost of business in any state. Selling Austal is a fools errand.
I do have a different view on this.
I agree that the more valuable part of Austal is the US division. It has a growing stakehold in the USN ship building program, but not without its problems. Hanwa would be well positioned to correct these and improve it.
The Vietnam and Philippine division are near to closing, and I would suggest this would occur regardless of the eventual buyer. They build ferries and this is a shrinking market with many competitors.
The Australian branch, prior to the government providing a commitment to continuous ship building, was heading for closure. Now that it has a forward book for the landing craft and (unless it stuffs things up) the GP frigate and LOCSV programs, it becomes a very financially backable facility and a significant part of the profitable Austal business. This work fills its capacity out to 2040. And it looks like the government will tip in a lot of capital to construct more sheds to separate it from Civmec. What more would a potential buyer want.
I will also note that the Australian division contains the global engineering design team (they do the designs for the USN ships). This is one of two in Australia, and from the government point of view is a strategic asset in its own right (its this resource that triggered the government to commit to a build program, not the yard itself). Given the specialised training here, it is almost imposible to replace if shut down.
I think Hanwa see the Australian part of Austal as an opportunity to buy an 11+6 ship build, plus a sure thing for the next generation of vessels. Its the icing on the cake to the US division.
Yea WA is expensive. Most people who live here are boguns. Everybody drives an oversized ute. And to top it off the water is full of sharks. Coffee is still more expensive in Sydney, our idea of a traffic jam is a 10th the size of an east coast one. And our beaches are better.
More seriously though, the heavy industrial base (mostly mining and gas but also a lot of manufacturing) does provide a baseload engineering and trade workforce that rivals anywhere else. The skills are here and they are well suited to a rejuvinated maritime industry. Austal (and the government) will just need to pay market price for the labour.