Most Popular
-
1
A decade lost: Sewol survivors on life after tragedy
-
2
Opposition victory upends ruling party's plans
-
3
Why don’t trainee doctors, medical professors see eye to eye?
-
4
Taking risk or targeting global fans? Netflix pushes ahead with 'Goodbye Earth' release
-
5
World reactions to Iran strikes on Israel
-
6
S. Korea to extend fuel tax cut through June amid Middle East tensions
-
7
Yoon flounders after election defeat
-
8
Israel says Iran launched more than 300 drones and missiles, 99% of which were intercepted
-
9
US confirms $6.4 billion chip subsidy for Samsung
-
10
N. Korea elevates high-level exchanges with China, Russia
Regulator OKs takeover of Doosan Infracore by Hyundai Heavy
By YonhapPublished : July 27, 2021 - 10:19
South Korea's antitrust regulator said Tuesday it has approved a deal by an affiliate of Hyundai Heavy Industries Holdings Co. (HHIH) to buy Doosan Infracore Co., the country's largest construction equipment maker.
In February, HHIH inked a deal to acquire a 35 percent stake in Doosan Infracore for 850 billion won ($735 million) from its cash-strapped parent, Doosan Heavy Industries & Construction Co.
In April, Hyundai Genuine Co., a wholly owned unit of HHIH, took over the parent's stake in Doosan Infracore.
The Korea Fair Trade Commission said it has given the green light to the proposed deal as it is not likely to hurt market competition.
The regulator said the approval of the deal will help Doosan Heavy smoothly proceed with its corporate restructuring process and Hyundai Genuine strengthen competitiveness in the construction equipment market at home and abroad.
South Korea's 15th-largest conglomerate, Doosan Group, has been seeking to sell its shares and assets to improve its financial structure and repay debts held by the flagship unit Doosan Heavy Industries & Construction in return for a 3.6 trillion-won lifeline from state-run banks. (Yonhap)
In February, HHIH inked a deal to acquire a 35 percent stake in Doosan Infracore for 850 billion won ($735 million) from its cash-strapped parent, Doosan Heavy Industries & Construction Co.
In April, Hyundai Genuine Co., a wholly owned unit of HHIH, took over the parent's stake in Doosan Infracore.
The Korea Fair Trade Commission said it has given the green light to the proposed deal as it is not likely to hurt market competition.
The regulator said the approval of the deal will help Doosan Heavy smoothly proceed with its corporate restructuring process and Hyundai Genuine strengthen competitiveness in the construction equipment market at home and abroad.
South Korea's 15th-largest conglomerate, Doosan Group, has been seeking to sell its shares and assets to improve its financial structure and repay debts held by the flagship unit Doosan Heavy Industries & Construction in return for a 3.6 trillion-won lifeline from state-run banks. (Yonhap)
