SK Innovation and SK E&S get merger approval by shareholders
The decision received an 85.75% approval rate during the Extraordinary General Meeting.
The merger between SK Innovation and SK E&S has received strong approval at the Extraordinary General Meeting, paving the way for the creation of Asia-Pacific’s largest private energy firm.
This merger required a special resolution, necessitating the consent of at least two-thirds of the attending shareholders as well as one-third of the total issued shares. SK Innovation held an Extraordinary General Meeting where the merger agreement was ratified with an 85.75% approval rate from the attending shareholders.
With this approval, the newly combined entity is set to officially launch on November 1.
The formation of the new entity will create the largest private energy company in the Asia-Pacific region, with assets totaling KRW 100 trillion and revenues of KRW 88 trillion. The merger is anticipated to enhance the competitiveness of the energy portfolio by integrating SK Innovation’s oil and battery businesses with SK E&S’s liquefied natural gas (LNG) and renewable energy businesses.
In the long run, the merged company aims to evolve into a corporate that provides a comprehensive Energy Solution Package tailored to global energy market demands.
