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Hyundai, Eugene submit bids for 36% stake in Doosan Infracore
Hyundai Heavy Industries Holdings Co. (HHIH) and ready-mixed concrete maker Eugene Group submitted their final bids for a 36 percent stake in Doosan Infracore Co., which may fetch up to 1 trillion won.
Doosan Infracore has been up for sale as part of its cash-strapped parent Doosan Heavy Industries & Construction Co.'s self-rescue plan.
Last March, Doosan Heavy obtained a cash injection of 3 trillion won from its creditors, including the KDB, to prepare itself for its short-term debts worth 4.2 trillion won, which should be paid within this year.
In September, HHIH formed a consortium with Korea Development Bank Investment (KDBI) to join preliminary bidding for the stake up for sale.
The groups that discontinued their bids were GS Engineering & Construction Corp. and local private equity funds Glenwood PE, MBK Partners, and Eastbridge Partners.
GS Engineering & Construction participated in the preliminary deal by forming a consortium with private equity fund Dominus Investment.
Three local private equity funds joined in the preliminary deal.