Doosan Bobcat executives were present at the company's Chennai Plant in India last month. Doosan Group's governance restructuring plan, announced on July 11, has sparked controversy among investors. The plan involves making Doosan Bobcat a wholly-owned subsidiary of Doosan Robotics, leading to concerns about the fairness of the merger ratio based on the stock prices of both companies. Shareholders of Bobcat are apprehensive about the company becoming a subsidiary of the less profitable Doosan Robotics, while investors in Doosan Robotics anticipate financial stability and business synergy from acquiring Bobcat, especially in the North American market. The restructuring aims to streamline Doosan's core businesses into three segments: clean energy, smart machines, and semiconductors and advanced materials, with a focus on the smart machines segment. This involves a spin-off merger of Doosan Bobcat to become a wholly-owned subsidiary of Doosan Robotics. The reshuffle also aims to improve the financial structure of Doosan Enerbility and enhance the control of the group's owner family over Doosan Bobcat. However, the proposed exchange ratio between Robotics and Bobcat has raised concerns about fairness, leading to significant volatility in the share prices of related companies. The finalization of the deal will depend on its approval at Doosan Enerbility's upcoming shareholder meeting on Sep. 25.