Korean officials gave Hyundai the green light for to merge with Doosan Infracore a year after the Doosan Group indicated it was looking to sell its shares to help pay off debt.
Hyundai signed a deal in February 2021 to acquire a 35% with Hyundai taking over in April.
Doosan Infracore is South Korea’s largest construction equipment maker.
The sale of Doosan Infracore is part of the restructuring process for Doosan Heavy Industries & Construction, which was facing more than $3 trillion in debt. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.
The merger of Hyundai and Doosan should make he equipment maker into a formidable player in the industry behind Caterpillar, Volvo, and Komatsu.
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