Hyundai Heavy Industries Selected as Preferred Bidder for Doosan Infracore Acquisition

[Asia Economy Reporter Ki-min Lee] Doosan Heavy Industries & Construction, which is preparing a self-rescue plan to improve its financial structure, has selected the consortium of Hyundai Heavy Industries Holdings and KDB Investment as the preferred bidder for the sale of its subsidiary Doosan Infracore's shares.

Doosan Heavy Industries & Construction announced on the 10th, "As a result of the bidding related to the sale of Doosan Infracore shares, the Hyundai Heavy Industries Holdings consortium has been selected as the preferred negotiation partner."

It has been 16 days since the main bid on the 24th of last month. Doosan Heavy Industries & Construction is the largest shareholder holding 35.4% of Doosan Infracore shares.

Doosan Heavy Industries & Construction explained that it plans to conclude the main contract promptly after negotiating the contract with the Hyundai Heavy Industries Holdings consortium, which was selected as the preferred negotiation partner.

Meanwhile, Doosan Heavy Industries & Construction recently successfully completed a paid-in capital increase subscription worth 1.2 trillion KRW. In August, it sold the golf course Club Mow CC to make the first repayment of part of the creditors' borrowings, and in November, it completed the receipt of approximately 600 billion KRW worth of Doosan Fuel Cell shares from major shareholders of Doosan Co., Ltd.

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