February 14, 2025 00:09 GMT
EM ASIA CREDIT: SK Innovation (SKBTAM, Aa3/NR/NR) denies petrochemical sale
EM ASIA CREDIT
SK Innovation (SKBTAM, Aa3/NR/NR)
"*SK INNOVATION DENIES REPORT OF PETROCHEMICAL UNIT SALE" - BBG
- Company denies local media reports about petrochemical unit sale - neutral for spreads.
- The key M&A story for SK Innovation is the expected IPO of its Lubricants business called SK Enmove (70% owned), which we estimate has an EV of around KRW5-6 trillion (c. $4bn) using an EV/Sales multiple of 1.35x (Fuchs as comp.).

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