SK considers merging two energy affiliates, SK Innovation stock soars

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SK considers merging two energy affiliates, SK Innovation stock soars

Published: 20 Jun. 2024, 11:04

PARK EUN-JEE
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The headquarters of SK in central Seoul[YONHAP]

Shares of SK Innovation surged in early trading on Thursday following its disclosure that it is considering merging with SK E&S.

The stock shot up by 15.47 percent as of 10:33 a.m. to reach 121,700 won ($88).

The petrochemical affiliate of SK explained in an electronic disclosure that it is considering merging with another energy affiliate, SK E&S, although nothing has been decided yet.

The statement was released after multiple local media reports suggested that the two affiliates — whose combined asset size exceeds 100 trillion won — would merge.

SK Group is trying to restructure its businesses amid mounting losses and debts, mainly incurred by a downturn in EVs and semiconductors.

BY PARK EUN-JEE [[email protected]]