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Biz News Korea(Eng)
Socius Advisors and Pine Tree Partners vying for Doosan Engine
- Collected
- 2018.02.21
- Distributed
- 2018.02.22
- Source
- Go Direct
According to the investment banking industry sources on Tuesday, Korean private equity funds Socius Advisors and Pine Tree Partners submitted bids for the 42.66 percent stake in Doosan Engine offered by Doosan Heavy Industries & Construction. A preferred bidder will be named by the end of this month.
The preliminary auction in December drew five bidders including Glenwood Private Equity that was dubbed as the strongest candidate. Glenwood, however, did not submit final tender.
Socius Advisors has emerged as the second choice as it has been betting on a turnaround in the ship parts industry, having bid for STX Engine last year.
Pine Tree Partners is a formidable contestant. It is a preferred candidate in a court-arranged stalk-horse bid for STX Heavy Industries’ engine parts business. Pine Tree Partners is pursuing Doosan Engine to achieve economies of scale by merging the two entities.
Doosan Group has put the market engine manufacturer up for sale last year to shed non-core businesses and focus more on infrastructure and energy. Interest in the tender had been lukewarm due to uncertain prospects for the domestic shipyards.
Doosan Engine’s operating profit for full 2017 jumped 218 percent on year to 13.4 billion won ($12.5 million) but it nevertheless reported a net loss of 10.3 billion won.
At 1:20 p.m. Wednesday, Doosan Engine shares were down 1.71 percent at 4,035 won apiece in Seoul trading.
By Chun Gyung-woon and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]