Hyundai ‘to grow Doosan Infracore’

Hyundai Heavy Industries has confirmed its takeover of Doosan Infracore for KRW850 billion (€635 million).

With its consortium partner, KDB Investment, Hyundai signed the formal contract to acquire a 34.97% share in the company on 5 February, giving it management control of the company.

According to Hyundai, Doosan Infracore will retain its independent management system and all efforts will be made to retain current employee levels.

Hyundai is acquiring the 36% stake in Doosan Infracore that is owned by Doosan Heavy Industries & Construction. The remaining shares in Infracore are traded on the Korean Stock exchange. Although not a majority stake, this is the largest single shareholding in the company and confers management control.

The deal does not include Doosan Bobcat. Doosan Infracore holds 51% of Doosan Bobcat, with the rest of the shares traded on the Korean stock exchange. It is understood that the 51% holding will be transferred to another part of the Doosan group prior to Hyundai closing its acquisition of the 36% in Doosan Infracore.


Post time: Mar-04-2021