Financial Supervisory Service Issues Second Correction Request on Doosan's Governance Restructuring Plan

Regarding the Merger of Doosan Robotics and Doosan Bobcat

On the 26th, the Financial Supervisory Service (FSS) requested Doosan Robotics to resubmit the securities registration statement regarding the merger with Doosan Bobcat.

Financial Supervisory Service, Yeouido, Seoul. Photo by Younghan Heo younghan@

According to the FSS electronic disclosure system on the 26th, the FSS demanded the submission of a second amended registration statement for Doosan Robotics' merger and the comprehensive exchange and transfer of shares.

The FSS explained the reason for the request, stating, "This corresponds to cases that may hinder investors' rational investment decisions or cause significant misunderstandings to investors."

If Doosan Robotics does not submit the amended registration statement within three months, the securities registration statement will be withdrawn.

Earlier, the Doosan Group announced a business restructuring plan to transfer Doosan Bobcat as a wholly owned subsidiary of Doosan Robotics through a spin-off and merger between Doosan Robotics and Doosan Enerbility, and a comprehensive stock exchange between Doosan Bobcat and Doosan Robotics. There was significant opposition from minority shareholders because the corporate value was evaluated almost equally on a one-to-one basis during the capital transaction process between the deficit company Robotics and the stable "cash cow" Bobcat.

The FSS has repeatedly expressed the position that the interests of controlling shareholders should not be prioritized. Related to this, Lee Bok-hyun, Governor of the Financial Supervisory Service, also stated, "If there are deficiencies in Doosan's amended registration statement, we will request corrections without limit on the number of times."

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