SC private equity fund picked preferred bidder for Doosan Infracore's machine tool biz

Resource from: Yonhap News Likes:186

Dec 24,2015

SEOUL, Dec. 23 (Yonhap) -- A private equity fund operated by Standard Chartered was named as the preferred bidder for Doosan Infracore Co.'s machine tool business unit, industry sources said Wednesday. According to the sources, the private equity fund offered to buy the unit for some 1.3 trillion won (US$1.01 billion), slightly higher than the market estimate of 1.2 trillion won. Doosan Infracore has put its machine tool business up for sale in order to reduce its debt and therefore improve its financial status because of a protracted slump in the construction sector. The company reported a loss of some 200 billion won during the third quarter of the year. Other bidders include Seoul-based private equity fund MBK Partners and Taiwan's FFE Group. Stocks of Doosan Infracore closed at 5,130 won on the Seoul bourse, up 1.18 percent from the previous session's close.

(Yonhap News)

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