Poongsan Corporation

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.

Hanwha Aerospace submitted a binding proposal for Poongsan Corporation's ammunition business unit and is believed to be the only bidder remaining, with the deal estimated at more than 1.5 trillion won (about $1 billion). If completed, the acquisition would create a vertically integrated Korean defense champion capable of bundling platforms (K9, K239) with ammunition in export packages, reshaping the global defense market.