The same day, Kim Byung-hwa, a nominee for the regulatory Financial Services Commission (FSC), said in his confirmation hearing that he was aware of market concerns about the proposed merger between Robotics and Bobcat and he will look into the matter in regards to whether there is any area to be addressed.“I think companies should make efforts to communicate with shareholders first when pursuing this (kind of decision),” he said in response to a lawmaker’s claim that Doosan Group’s corporate reshuffling through the two units’ merger would harm minority investors’ interests.
In return, Bobcat shares will be exchanged into those for Doosan Robotics.“(Doosan Group) would not have been able to do this if the commercial law has a clause of duties and responsbilities of board of directors to consider the interests of all shareholders,” said Kim Kwang-joong, a lawyer at ClassHankyul, a law firm.
By inflating Robotics’ valuation, Doosan Corp., a majority shareholder of Robotics with a 68% stake, would increase its ownership of the merged entity between Robotics and Bobcat, Cheon claimed.
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