Nine bidders shortlisted for Hyosung Chemical’s specialty gas asset

[Courtesy of Hyosung Chemical Co.]

Nine bidders, including private equity firms IMM PE and IMM Investment, have been shortlisted to compete for Hyosung Chemical Co.’s specialty gas business.

According to investment banking sources on Tuesday, sales advisors UBS and Korea Development Bank notified nine entities selected for the shortlist.

It includes IMM PE, IMM Investment, and IMM Credit, domestic asset management companies such as Korea Investment PE and STIC Investments, and Affirma Capital. Two to three foreign asset management firms are also known to be included.

In the preliminary bidding conducted last month, more than 10 domestic and international large private equity firms participated.

However, concerns have been raised as over a month has passed since the preliminary bidding without any results, leading to speculation about the possibility of false shortlists circulating or even the potential collapse of the deal.

The sale target encompasses a 49 percent stake in Hyosung Chemical’s specialty gas division, with no inclusion of management rights.