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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] On August 25, Financial Supervisory Service (FSS) Chief Lee Bok-hyeon criticized the current securities filing by Doosan regarding the merger between Doosan Bobcat and Doosan Robotics, stating that it is insufficient for assessing financial risks.
During an appearance on KBS's "Sunday Diagnosis Live," Lee pointed out that the submitted securities filing does not adequately reflect potential financial risks if Doosan Bobcat's funds are used elsewhere. He emphasized that the real purpose of the merger should be clearly explained.
Lee clarified that the FSS's role is to ensure that securities filings are properly prepared to inform investors about risks, rather than intervening in the merger itself. He noted that the appropriateness of the merger will ultimately be determined by the shareholders' meeting but warned against valuing merger ratios based solely on market prices, which might lead to issues if the values are not aligned with the company's financial performance.
Previously, Doosan announced a restructuring plan to transfer Doosan Bobcat from Doosan Energy to Doosan Robotics. The merger values Doosan Bobcat at 5.7 trillion won and Doosan Robotics at 5.19 trillion won. Both companies are listed, and the merger ratio was set at 1:0.63 based on market capitalization. However, this poses issues as Doosan Bobcat, with annual revenues of 10 trillion won, is significantly more profitable compared to the loss-making Doosan Robotics. Under the current ratio, a shareholder with 100 shares of Doosan Bobcat would receive 63 shares of Doosan Robotics.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
