SK Corp buys Inchon Oil

Post-Sovereign Asset Management, SK Corp makes first acquisition.

In a move that will possibly hearten SK Corp's foreign shareholders - especially in the wake of Sovereign Asset Management's exit - the Korean company has announced a transformational MA transaction that is in its core business.

The deal was greeted with enthusiasm by the market. Indeed, while the acquisition of Inchon Oil Refinery was only officially announced late on Friday, rumours of the deal leaked on Thursday night, and SK Corp's stock reacted well. It closed up 2.36% at W56,300 on Friday and during intraday trading it was up as much as 6% to W58,300.

The deal will see SK Corp become Asia's fourth largest...

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