The race to acquire Doosan Infracore Co. is turning out to be big match among heirs of some of Korea’s biggest family-run conglomerates.

The tender, which closes on Tuesday, will include big names including Hyundai Heavy Industries Holdings Co., GS Engineering & Construction Co. and Eugene Group.

The 36.1 percent stake in Doosan Infracore owned by Doosan Heavy Industries & Construction Co. could be worth from 800 billion won ($719 million) to 1 trillion won, given the heated competition.

The strongest contender is Hyundai Heavy Industries, with Vice President Chung Ki-sun spearheading the deal. Chung is the grandson of the late Hyundai Group founder and the eldest son of Chung Mong-joon, chief of Asan Foundation and Hyundai Heavy’s largest shareholder.

The 38-year-old scion was behind the Hyundai Heavy’s buyout of Daewoo Shipbuilding & Marine Engineering Co. and recruitment of Saudi Aramco to invest in Hyundai Oilbank Co. and KT Corp. in Hyundai Robotics Co.

The GS E&C team is commanded by President Huh Yoon-hong, the only son of Huh Chang-soo, chairman of GS Group chairman. The 41-year-old chief is currently in charge of GS E&C’s new business department.

Under his leadership, the construction company invested in India’s solar power plant development project last year and in a special deregulation zone for battery recycling projects in Pohang, South Korea earlier this year. The company also acquired Poland’s Danwood and Britain’s Elements Europe, betting on the growth potential of modular housing. It also recently ventured into asset management by launching a subsidiary called Gvesco.

At Eugene Group, Executive Director Yu Seok-hoon is said to be actively involved in the Doosan Infracore deal, in support of his father, Eugene Group Chairman Yu Kyung-sun. The 38-year-old first joined the group as executive director in 2014 and was made a board member the following year. Some of Eugene Group’s major acquisitions include Dongyang, Himart, Seoul Securities and Hyundai Savings Bank.

Hyundai Heavy has teamed up with KDBI and GS E&C with Dominus in the Doosan Infracore deal. Also included in the shortlist are private equity funds including EastBridge Partners, Glenwood PE, and MBK Partners.

The sale picked up momentum after the parent Doosan Group said it would shoulder all litigation risks related to Doosan Infracore China (DICC).

Shares of Doosan Infracore closed Tuesday down 4.77 percent while Doosan Heavy finished unchanged from the previous session.

By Kang Doo-soon, Kang Woo-seok and Kim Hyo-jin

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