SK Innovation shareholders approve merger plan with SK E&S, Yonhap reports

Shareholders of South Korea's SK Innovation 096770, parent of the country's largest oil refiner and battery maker SK On, approved on Tuesday a merger with energy affiliate SK E&S, Yonhap reported.

The merger plan, announced last month, would create a 100 trillion won ($75.35 billion) asset company, in an effort to shore up the finances of loss-making battery unit SK On by combining it with a profitable company that has a stronger balance sheet, analysts said.

($1 = 1,327.1700 won)