Hanwha Group secured the US government's approval to acquire up to 100% of Australian defense shipbuilder Austal (ASX:ASB), its holding company Hanwha Corporation (KRX:000880) said in a Tuesday release.

Hanwha acquired a 9.9% stake in Austal in March and applied for regulatory clearance to raise its ownership to 19.9%.

The Committee on Foreign Investment in the United States approved the request and further authorized full ownership, stating no national security concerns, according to the release.

Hanwha plans to combine its capabilities with Austal's operations in the US and Australia, it said.

Shares of Hanwha Corporation fell nearly 1% at market close on Wednesday.