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South Korea’s Doosan Group on Monday is expected to pick a preferred candidate to buy Doosan Mottrol Co., an oil pressure machine and military equipment providing unit among sale offerings to meet creditors’ requirement for multibillion-dollar bailout for its flagship Doosan Heavy Industries & Construction Co.
According to sources from the investment banking industry on Sunday, the group and its sales advisor Credit Suisse on Monday will close the tender for for Doosan Mottrol. The divesture is expected to draw 400 billion won ($311.6 billion) to 500 billion won. The proceeds will give a financial relief to the cash-strapped group. Multiple bidders had handed in their letters of interest in May.
Doosan Group has put up multiple assets including battery copper foil maker Doosan Solus and headquarters building Doosan Tower for sale to meet the requirement to raise 3 trillion won in return for state bailout of 3.6 trillion won to save its core nuclear reactor equipment provider Doosan Heavy Industries & Construction Co.
But some worry about technology leakage and supply disruptions if the military equipment parts maker goes to an overseas firm.
Under the current defense acquisition program act, a sale of a defense company requires an approval from minister of Trade, Industry and Energy, and a takeover by a foreign company an approval from chief of the Defense Acquisition Program Administration.
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