SK rules out hostile takeover bid

Wed, 16 Apr 2003 | Source: AFP

SEOUL: South Korea's largest oil refiner SK Corp. said on Tuesday it regarded a Monaco-based fund as a long-term investor and not as a hostile bidder for the flagship of the country's third largest conglomerate.

SK Corp. also said it would comply with a request from the fund, Sovereign Asset Management Ltd., to improve corporate governance.

The fund emerged as SK Corp.'s largest shareholder on Monday by acquiring a 14.99 percent stake in the refinery through its financial subsidiary Crest Securities based in the Virgin Islands.

The purchase sparked concerns about a hostile takeover attempt on SK Corp., which has a controlling 20.85 percent stake in South Korea's profitable top mobile carrier SK Telecom. -- AFP

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