National pension fund opposes SK Innovation's planned merger with SK E&S
The headquarters of the Natonal Pension Service Investment Management in Jeonju, North Jeolla Province / Courtesy of National Pension Service
The national pension fund said Thursday it opposed a planned merger between SK Innovation and its energy affiliate SK E&S, saying it could significantly undermine shareholder value.
The National Pension Fund, a major shareholder of SK Innovation, made the decision, as SK Innovation is set to hold a shareholder meeting next week to vote on the planned merger.
In a statement, the fund said there is "significant concern that a merger could hurt shareholder value."
The fund is the second-largest shareholder of SK Innovation with a 6.2 percent stake.
SK Innovation's biggest shareholder is SK with a 36 percent stake. (Yonhap)