South Korea's SK Innovation agrees merger with SK E&S as part of overhaul (updated)

SK

17/07/2024 09:22

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       SEOUL, July 17 (Reuters) - South Korea's SK Innovation
 096770.KS , parent of the country's largest oil refiner and
battery maker SK On, plans to merge with energy affiliate SK E&S
as the nation's No. 2 conglomerate undertakes a major overhaul
to boost profitability, the Yonhap news agency reported on
Wednesday. 
    The companies did not have an immediate comment. 
    The move will help shore up the finances of loss-making
battery maker SK On by combining with a profitable company that
has a stronger balance sheet, analysts said.

 (Reporting by Joyce Lee and Heekyong Yang, Editing by Louise
Heavens)
 ((joyce.lee@tr.com;))