LG Chem denies report it will merge naphtha cracker business with Lotte Chemical (updated)

LG Chem

24/04/2024 02:30

(Adds Lotte Chemical denial, paragraph 2)
    By Joyce Lee
       SEOUL, April 24 (Reuters) - South Korean petrochemical
company LG Chem  051910.KS  denied on Wednesday a media report
saying it is considering merging its naphtha cracker business
with rival Lotte Chemical  011170.KS . 
    Lotte Chemical also denied the report in a regulatory filing
on Wednesday. 
    Shares in South Korean industry No. 1, LG Chem, and No. 2,
Lotte Chemical, rose 2.8% and 3.8% respectively versus the wider
market's  .KS11  1.7% rise, after newspaper Korea Economic Daily
reported they are in talks to potentially merge their
general-purpose naphtha cracker businesses to prevent losses as
supply from China increases.    
    

 (Reporting by Joyce Lee; Editing by Christian Schmollinger and
Tom Hogue)
 ((joyce.lee@tr.com;))