According to SK Innovation, on July 17, SK Innovation and SK E&S, two energy companies under Korea's SK Group, held a board meeting to approve the merger proposal of the two companies.
The merger ratio of SK Innovation and SK E&S is approximately 1:1.19. On this basis, SK Innovation, as a listed company, will issue 49769267 new shares to SK E&S shareholder SK Inc. SK Innovation's new stock is expected to go public on November 20th, and after the merger, SK Inc.'s shareholding in SK Innovation is expected to increase from 36.22% to 55.9%.
If the merger plan is approved at the shareholders' meeting to be held on the 27th of next month, the combined company will be officially launched on November 1.
The new combined company will be the largest energy company in Korea, with total assets of 100 trillion won (about 523 billion yuan).
According to previous news, SK On has not only lost money for 10 consecutive quarters, but its net debt has soared fivefold to 15.6 trillion won (about 82.3 billion yuan) since 2021.
SK On CEO Lee Seok-hee said in an all-staff letter, "We are at the end of our rope and we must work together. "
Lee Seok-hee said that SK On will give up 20% of its annual salary until it becomes profitable......