Watchdog Approves Doosan's Purchase of Ingersoll Rand Units

Korea’s corporate watchdog last week said it has approved a deal by Doosan Infracore to buy three units of U.S.-based industrial firm Ingersoll Rand.

In July, Doosan Infracore, a construction equipment manufacturer, signed a deal to purchase three units of Ingersoll Rand, including skid-loader producer Bobcat Co., for $4.9 billion, the largest-ever overseas acquisition by a South Korean company.

The Fair Trade Commission said in a statement that its review of the deal revealed no factors that may lead to unfair competition in the domestic market.

The purchase has also been reported to seven other antitrust regulators around the world for approval, with the U.S., the European Union and Brazil consenting to the deal, according to the FTC.

The three units have 73 operations in 27 countries, and 16 factories in 16 countries.

Doosan Infracore has been expanding its overseas operations through a series of acquisitions in the United States and China this year to achieve its goal of becoming one of the world's five biggest construction equipment makers by 2010.