According to pulse news, South Korea`s Doosan Group on Monday proposed to sell its owners` families and companies` shares in Doosan Heavy Industries & Construction Co. and Doosan Corp. units in exchange for national lenders. 1 trillion won relief loan.
The plan includes the sale of a 61% stake in battery copper foil and OLED material manufacturer Doosan Solus, as well as the choice to sell Doosan Engineering and Construction Company and chemical process equipment manufacturer Doosan Mecatec to raise enough funds to clean up Doosan Heavy I & C. Doosan Group said in a statement: "As part of the restructuring plan, we are evaluating all assets that can be sold or liquefied."
According to business korea, Samsung Electronics and SK Group have joined the Doosan Solus acquisition.
Samsung Electronics recently received a summary letter containing information on the sale of Doosan Solus. SK Group and Pohang Steel Group will also acquire subsidiaries of Doosan Group. According to reports, foreign private equity companies are also on the list of potential buyers.
After Doosan Group stopped negotiations with Skylake, it has started to look for buyers of Doosan Solus. Skylake was once regarded as the strongest potential buyer, but Doosan and Skylake failed to agree on the purchase price of Doosan Solus.
Doosan Solus produces two key products, organic light-emitting diodes (OLEDs) and copper foil for electric vehicle batteries. Therefore, this is clearly an attractive acquisition for large companies looking for future growth engine projects. These large companies believe that Doosan Solus can produce synergy with their battery business.
Doosan Corporation produces anode battery foil and copper foil. Market research company SNE research said that the electric vehicle copper foil market was worth 1.5 trillion won in 2018, but it is expected to grow to 10.5 trillion won by 2025.
The thinner the copper foil, the more competitive. Doosan Solus produces 6-micron copper foil that only a few companies can produce. In addition, the company has a factory in Hungary, which is one of the leading production bases in the global automotive industry. Doosan Solus is the only company in Europe that produces copper foil.
M & A market experts predict that the price of Doosan Solus will rise due to the intention of several large enterprise groups to acquire Doosan Solus.