Hyundai Heavy Industries Group chosen as preferred bidder for Doosan Infracore

Hyundai Heavy Industries Group (HHIG), Ulsan, South Korea, has announced it has been selected as the preferred bidder to acquire Seoul, South Korea-based Doosan Infracore. Once the acquisition process is completed, the group's affiliate, Hyundai Construction Equipment, combined with Doosan Infracore, will become the No. 5 player in the global construction machinery market, the company says.

Doosan Group selected the HHIG-KDB Investment Consortium as the preferred bidder and reported it to its creditors, including Korea Development Bank. The two sides aim to conclude the main contract by the end of 2020 after additional negotiations.

HHIG will acquire a 36.07 percent stake in Doosan Infracore, excluding Doosan Bobcat. The acquisition price is said to be in the mid-700 billion won (approximately $640 million) range.