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Deal faces potential challenges from Korea’s monopoly regulations, and the fate of Doosan Bobcat is uncertain
December 11, 2020
Doosan Group selected Hyundai Heavy Industries Holdings as the preferred bidder for a 36.07% controlling stake in Doosan Infracore Co. The Korea Economic Daily’s sources say the deal would combine Hyundai Construction Equipment Co. and Doosan Infracore to make the seventh-largest global market share, a size similar to Volvo, Hitachi and Liebherr, among the world’s construction equipment manufacturers.
Pulsenews.co.kr reports Hyundai’s bid was nearly 900 billion won ($827.8 million).
The sale of Doosan Infracore is part of the restructuring process for Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.
Originally published 9/29/2020; updated 12/11/2020
In early September, Doosan Infracore Co., South Korea’s largest construction equipment maker, announced the opening of preliminary bidding for a controlling stake in its operations. At that time, Hyundai Heavy Industries Group emerged as a top-tier bidder. On December 10th, it was announced that Hyundai Heavy has been selected as the preferred bidder. Respective parties including creditors were informed Thursday morning.
The sale of Doosan Infracore is part of the restructuring process for the beleaguered Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.