Doosan Bobcat will be separated from Doosan Enerbility and incorporated into Doosan Robotics, a business restructuring plan of the Doosan Group has received approval from financial authorities.
According to the Financial Supervisory Service's electronic disclosure system on the 22nd, Doosan Robotics announced that the effectiveness of the 6th amended report on the split and merger submitted on the 12th took effect on this day.
With this, the Doosan Group finalized the split and merger plan about four months after announcing the business restructuring plan on July 11.
The Doosan Group revealed a business restructuring plan to separate the 46.06% stake of Doosan Bobcat from Doosan Enerbility, a nuclear power equipment company, into a newly established corporation, and incorporate this corporation into Doosan Robotics. After incorporation, the plan was to merge Doosan Bobcat and Doosan Robotics through a comprehensive stock exchange method.
However, due to market backlash against the forced merger attempt against the interests of minority shareholders of Doosan Bobcat and pressure from financial authorities, the comprehensive stock exchange method was abandoned at the end of August, stepping back from the plan.
Last month, the Doosan Group changed the merger ratio between Doosan Enerbility’s newly established corporation holding Doosan Robotics and Doosan Bobcat to '1 to 0.043.' This was an upward adjustment from the previous merger ratio of '1 to 0.031,' making it more favorable to minority shareholders.
The Doosan Group went through a total of six amendments to the securities report during this process.
With the business restructuring plan passing the financial authorities’ approval hurdle today, the Doosan Group now only has to pass the vote at the extraordinary general meeting scheduled for the 12th of next month.
The company’s split and merger require a special resolution at the general meeting. Consent from at least one-third of all shareholders and two-thirds of attending shareholders is necessary.
Even if the general meeting passes, if the scale of shareholders exercising their right to request stock purchase significantly exceeds the company’s proposed scale, it could become a variable in the future schedule. In this case, Doosan Enerbility and Doosan Robotics will each hold board meetings to decide whether to proceed with this restructuring plan.
The Doosan Group plans to complete the business restructuring by January 31 of next year, after the stock purchase request exercise period ends on January 2.
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