It currently has cash and cash equivalent worth about 1.4 trillion won.“The company (SK Innovation) will go all-out to complete the merger, which is expected to pave the way for its long-term stability and growth,” SK Innovation Chief Executive Officer Park Sang-kyu said after the meeting on Tuesday.“The company will strive to meet shareholders’ expectations for profit generation with synergies expected to be created from the merger.”SK Innovation shares ended up 3.1% at 109,800 won on Tuesday, and SK shares added 1.5% to close at 146,200 won.
SK Innovation Co., South Korea’s largest energy company, has won majority support from its shareholders for a merger with its liquefied natural gas (LNG) affiliate SK E&S Co., a move expected to create the biggest energy company by assets in the Asia Pacific region.
BIG BUSINESS SYNERGY AND FINANCIAL STABILITYThe consolidation is expected to create a 100 trillion won ($75 billion) asset company, the largest for an energy company in the Asian Pacific region, with sales of 88 trillion won, according to SK Innovation.
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