South Korea's antitrust regulator has approved a deal by an affiliate of Hyundai Heavy Industries Holdings (HHIH) to buy Doosan Infracore, the country's largest construction equipment maker, according to The Korea Herald.
In February, HHIH inked a deal to acquire a 35-percent stake in Doosan Infracore for 850 billion won ($735 million U.S.) from its cash-strapped parent, Doosan Heavy Industries & Construction.
In April, Hyundai Genuine, a wholly owned unit of HHIH, took over the parent's stake in Doosan Infracore.
Doosan Group has been seeking to sell its shares and assets to improve its financial structure and repay debts held by the flagship unit Doosan Heavy Industries & Construction in return for a 3.6 trillion-won lifeline from state-run banks.
Source: The Korea Herald
