...

SK Innovation shareholders approve plan to split off battery business




  • In Business
  • 2021-09-16 01:39:09Z
  • By Reuters
 

SEOUL (Reuters) - SK Innovation Co Ltd said on Thursday its shareholders had approved the company's proposal to separate its battery business into a new company.

The decision paves the way for the battery business, a supplier for Ford Motor Co, Hyundai Motor Co and among others, to potentially raise funds and go public to finance its high-cost production capacity expansion.

The unit, which will be launched on Oct. 1, will first become SK Innovation's wholly-owned subsidiary tentatively named "SK Battery Co Ltd."

More than 80% of SK Innovation shareholders voted in favour of the plan, SK Innovation said in a statement.

South Korea's National Pension Service, SK Innovation's No.2 shareholder with an 8.05% stake, on Tuesday voted against the split-off plan, citing concerns about damage to shareholder value.

Shares of SK Innovation were trading down 1.4% versus a 0.5% fall in the benchmark KOSPI as of 0131 GMT.

(Reporting by Heekyong Yang and Joyce Lee; Editing by Jacqueline Wong and Stephen Coates)

COMMENTS

More Related News

Millicom International Cellular (NASDAQ:TIGO) shareholders have endured a 28% loss from investing in the stock three years ago
Millicom International Cellular (NASDAQ:TIGO) shareholders have endured a 28% loss from investing in the stock three years ago

In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market...

Do Institutions Own Inghams Group Limited (ASX:ING) Shares?
Do Institutions Own Inghams Group Limited (ASX:ING) Shares?

A look at the shareholders of Inghams Group Limited ( ASX:ING ) can tell us which group is most powerful. Generally...

Ford
Ford's fleet customers send mixed signals on electric vehicles -exec
  • US
  • 2021-10-21 16:25:55Z

Ford Motor Co sees a robust market for electric trucks and vans by 2030, but it is facing some early pushback from commercial customers that are a key...

We Think Shareholders Will Probably Be Generous With Frontier Developments plc
We Think Shareholders Will Probably Be Generous With Frontier Developments plc's (LON:FDEV) CEO Compensation

It would be hard to discount the role that CEO David Braben has played in delivering the impressive results at Frontier...

I Ran A Stock Scan For Earnings Growth And PWR Holdings (ASX:PWH) Passed With Ease
I Ran A Stock Scan For Earnings Growth And PWR Holdings (ASX:PWH) Passed With Ease

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business