The offering of Doosan Solus Co., battery copper foil and OLED material maker deemed sellable by creditors and its parent group, failed to draw meaningful bidders, putting a snag on the self-restructuring plan of Doosan Group who must raise 3 trillion won ($2.5 billion) through asset sales and other efforts in return for near $3 billion state bailout of its power equipment unit.

Lotte Chemical and SKC, potential candidates expanding materials business, did not show up at the preliminary tender over the near 51 percent stake from Doosan on Tuesday as well as multinational private equity fund names who had accepted the invites. Only three to four PEF from home handed in their prospectus with their price offering far below the figure Doosan is looking for.

After failing to find candidates on a private level, Doosan Group has put the controlling stake in Doosan Solus in a competitive auction to raise enough funds to back Doosan Heavy Industries & Construction Co. It reportedly seeks 1 trillion won ($808 billion), which the industry believes is too excessive.

Market observers anticipate Doosan will re-approach SkyLake Investment for renegotiation.

The group had been in a closed negotiation with local PEF SkyLake Investment, although the two failed to narrow the price gap.

SkyLake was reported to have offered to pay 700 billion won.

On Wednesday, Doosan Solus shares fell 6.53 percent to end at 40,800 won.

By Kang Woo-seok and Cho Jeehyun

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