Doosan to Take Over South Korea's Chung-Ang University

SEOUL, May 8 Asia Pulse -- Doosan Group ((KSE:000150), one of South Korea's family-run industrial conglomerates, has signed a memorandum of understanding to acquire a major private university in southern Seoul, according to the two sides on Thursday.

Financial terms of the deal weren't immediately known, but local media reports said Doosan may spend 120 billion won (US$115 million) to take over the century-old Chung-Ang University, which has some 25,000 students.

The deal is subject to approval by the country's education regulator, the Ministry of Education, Science and Technology.

Officials at Doosan said the group decided to acquire the university as part of its pledges for socially responsible management.

Doosan is a conglomerate comprising 15 subsidiaries spanning beverages, foods, heavy machinery and power plants.

Doosan's total sales stood at $US19.8 billion last year.

(Yonhap)

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