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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] The National Pension Service (NPS), which holds a 6.21% stake in SK Innovation, has decided to oppose the merger between SK Innovation and SK E&S. This opposition by the NPS, as the second-largest shareholder, poses a significant obstacle to SK Group's business restructuring plans.
The NPS Trustee Responsibility Committee held its 10th meeting on the 22nd and decided to oppose the agenda for the SK Innovation shareholders' meeting scheduled for the 27th. The committee cited concerns over the potential damage to shareholder value as the main reason for their opposition.
While the likelihood of the merger proposal being rejected at the shareholders' meeting is low due to the high 36% stake held by SK and its related parties, the NPS's opposition still creates a significant burden. This is because minority shareholders, who collectively hold 53.5% of the shares, may be influenced by the NPS's decision.
Additionally, with the current stock price below the planned purchase price (111,943 KRW) for the appraisal rights, the cost of the merger could increase significantly. Since the merger announcement on the 17th of last month, SK Innovation's stock price has dropped by 11.3% to 106,200 KRW. Shareholders who oppose the merger can exercise their appraisal rights between the 27th of this month and the 19th of next month. If the NPS exercises its appraisal rights, the scale could reach 665 billion KRW. SK Innovation has stated that if the scale of the appraisal rights exceeds 800 billion KRW, it may cancel or modify the merger. Considering the potential exercise of appraisal rights by minority shareholders, the costs could rise substantially.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
