SK Innovation to absorb battery materials unit

SK Innovation, Korea's leading oil refiner, said Tuesday it will absorb a battery materials unit as part of its plan to restructure its battery business. In a regulatory filing, SK Innovation said it will take over the unit, SK IE Technology (SKIET), to increase the competitiveness of the unit's battery separator business. The absorption plan will be carried out by a share swap between SK Innovation and SKIET at a ratio of 1 to 0.1174540, according to the filing. The plan will be approved at shareholder meetings of the two firms on Nov. 24, the filing said.