SK considers merging two energy subsidiaries, SK Innovation shares soar

SK's headquarters in downtown Seoul (YONHAP)

SK’s headquarters in downtown Seoul (YONHAP)

Shares of SK Innovation rose in early trading on Thursday after announcing it was considering merging with SK E&S.

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

SK’s petrochemical affiliate 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 member companies – whose combined asset size exceeds 100 trillion won – would merge.

SK Group is trying to restructure its business amid mounting losses and debt, mainly caused by a downturn in electric vehicles and semiconductors.

BY PARK EUN-JEE ([email protected])

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