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Biz News Korea(Eng)
Doosan Engine auction tepid with absence of big-name bidders
- Collected
- 2017.12.22
- Distributed
- 2017.12.26
- Source
- Go Direct
According to multiple sources from the investment bank industry on Thursday, Doosan Group and its sales advisor Credit Suisse drew about five potential buyers, including Keystone Private Equity and Glenwood Private Equity, for the preliminary bid of Doosan Engine.
Major PE names that were rumored to be strong contenders, including Hahn & company, JKL Partners, NH Investment & Securities, and Bayside Private Equity, did not participate.
“The outlook for the shipbuilding industry still remains murky and even if it does recover, it’s uncertain whether Korean players will enjoy the kind of market dominance they once had,” said an official from a large PEF firm that ultimately chose not to take part in the bid.
Up for grabs is the 42.66 percent stake in Doosan Engine currently owned by Doosan Heavy Industries & Construction. It does not include Doosan Engine’s holdings in other group affiliates, including the 10.55 percent stake in Doosan Bobcat.
The value of the deal would depend on how much of the engine maker’s debt the potential buyer is willing to assume. Hit by an industry downturn, Doosan Engine saw combined losses of 103.4 billion won ($95.9 million) in 2014 and 2015. It turned around last year. Its operating profit in the first three quarters of this year was 17 billion won on sales of 639.5 billion won.
Shares of Doosan Engine closed Friday up 1.17 percent at 3,875 won.
By Chun Gyung-woon and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]