Sale of Doosan Infracore kicks off; preliminary bidding by Sept. 22
Jun Ho Cha and Chae-Yeon Kim
Sep 03, 2020 (Gmt+09:00)
The sale process for Doosan Infracore Co. is under way, with the preliminary bidding deadline for a controlling stake in South Korea's top construction equipment maker set for September 22.
The success of the sale, however, is shrouded in uncertainty given reported price differences between the seller and the potential buyers, alongside caveats concerning an ongoing legal dispute with some financial investors.
According to the investment banking industry, Doosan Group and the sale manager Credit Suisse have sent out information memorandums (IMs) to candidates who in August expressed an initial interest in the 36.27% stake, currently owned by Doosan Heavy Industries & Construction Co., and signed non-disclosure agreements (NDAs).