Doosan Infracore's machine tools business gets bids around $850 mln-media

HD Hyundai Infracore Co

22/12/2015 01:03

SEOUL, Dec 22 (Reuters) - MBK Partners and a private equity 
arm of Standard Chartered  STAN.L  were among three parties that 
submitted a binding bid for Doosan Infracore Co Ltd's 
 042670.KS  machine tools business, all bidding around 1 
trillion won ($849 million), a south Korean newspaper reported 
on Tuesday.  
    The third bidder was a state-run corporation from Hebei, 
China, the Korea Economic Daily reported, citing unnamed 
investment banking sources.  
    Doosan Infracore plans to choose a preferred bidder by the 
end of next month at the latest, a company spokesman told 
Reuters. He did not confirm any other details.  
    Doosan Infracore put the business up for sale in November to 
cut debt after it reported a third-quarter net loss of more than 
200 billion won.  
    Credit Suisse is advising the company on the sale. MBK 
declined comment. An official at Standard Chartered's private 
equity arm could not be immediately reached.  
    ($1 = 1,180.8000 won) 
 
 (Reporting by Joyce Lee; Editing by Richard Pullin) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: DOOSAN INFRACORE M&A/BIDS