Hanwha Techwin and LIG Nex1, two of Korea’s leading weapons manufacturers, will be racing to bid for Doosan Group’s armored vehicle manufacturer Doosan DST.

Doosan Group opened bids for DST on Friday, with analysts forecasting that Hanwha could be the “last bidder standing,” given that Hanwha has secured sufficient cash following its recent block sale of its 4 percent stake in Korea Aerospace Industries.

Private equity funds such as MBK Partners and IBK Private Equity have participated in the bids. Doosan Group is currently seeking to sell DST for over 800 billion won ($680 million).

Doosan Group and Doosan DST’s sales manager Credit Suisse are expected to select a preferred bidder by the end of next month, news reports said.

(hkp@heraldcorp.com)