Regulator approves Hyundai deal for Doosan Infracore

By Andy Brown27 July 2021

The DX800LC-7, Doosan's largest ever excavator The DX800LC-7, Doosan's largest ever excavator

According to media reports in South Korea, the country’s antitrust regulator has approved a deal by Hyundai Heavy Industries Holdings Co. (HHIH) to buy Doosan Infracore Co., the country’s largest construction equipment maker.

On the most recent Yellow Table, International Construction’s ranking of the world’s top 50 OEMs by sales, Doosan was ranked as the world’s tenth biggest construction OEM.

In February this year HHH agreed to acquire a 35% stake in in Doosan Infracore for 850 billion won (US$735 million) from its parent company, Doosan Heavy Industries & Construction Co., which has been looking to sell shares and assets to improve its financial structure and repay debts

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 in South Korea and abroad.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Construction Europe Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
More News from Construction Europe
Rental rate rises assist Sunbelt to pre-Covid revenue levels
Sunbelt Rentals’ first quarter revenue up 22% on 2020 and 12% on 2019, partly thanks to increasing rental rates
Construction starts on €1bn port in Murmansk
Lavna Commercial Sea Port project to include deep-water berth and railway infrastructure
Hexagon to host live tech summit
Live technology summit to showcase Hexagon’s new autonomous solutions
CONNECT WITH THE TEAM
Mike Hayes Editor, Construction Europe Tel: +44 (0)1892 786 231 E-mail: mike.hayes@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA