SK Group to keep affiliates safe from hostile takeover after chairman's divorce ruling (updated)

SK

17/06/2024 04:03

(Adds background and details)
       SEOUL, June 17 (Reuters) - South Korea's SK Group
Chairman Chey Tae-won said on Monday the conglomerate will make
sure that the outcome of his recent divorce payment ruling does
not leave SK companies vulnerable to hostile takeover or other
problems.
    The Seoul High Court ruled in late May that Chey must pay
more than $1 billion to his estranged wife as part of their
planned divorce. 
    Chey is appealing the ruling to the Supreme Court, he told
reporters on Monday.
        He owns 17.7% of holding company SK Inc  034730.KS  and
controls SK Hynix  000660.KS , the world's second-largest memory
chipmaker, and other SK affiliates through his stake in SK Inc.
    Shares in SK Inc had jumped after the high court ruling, as
investors bet that Chey may have to sell some of his stake in
order to raise funds, if the Supreme Court confirms the ruling. 
        Analysts, however, say Chey may sell his holdings in
non-core affiliates or take out loans to finance his divorce
payment so as not to affect his control over the conglomerate. 
    

 (Reporting by Joyce Lee; Editing by Shri Navaratnam and Sherry
Jacob-Phillips)
 ((ju-min.park@thomsonreuters.com; Reuters Messaging:
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