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[CBC뉴스]The agenda for the spin-off of LG Chem’s battery business passed the shareholders meeting on the 30th. The new corporation ‘LG Energy Solutions (provisional name)’ was launched.
At 9 a.m. on the 30th, at the temporary shareholders’ meeting held in the Donggwan Main Auditorium of LG Twin Tower in Yeouido, Seoul, the plan was approved to separate the battery business and place it as a 100% subsidiary with 82.3% in favor. The second largest shareholder, the National Pension Service and minority shareholders, expressed their opposition, but it was approved because foreigners and institutions supported the spin-off plan.
The 16th Specialized Responsibility Committee of the National Pension Fiduciary, held on the 27th, opposed the approval of LG Chem’s division plan. The reason was that they agreed with the purpose and purpose of the division plan, but believed that there was a risk of damaging the value for the shareholder of the National Pension, such as the possibility of diluting the value of the participation.
With the approval of the general shareholders on the 30th, on December 1, ‘LG Energy Solutions (provisional name)’, a new corporation dedicated to the battery business, will be officially launched.
This division is a physical division method in which LG Chem owns the total number of issued shares of the new battery corporation to be divided, and LG Chem will own 100% of the new unlisted corporation.
Regarding the company’s division, LG Chem said: “The current moment when the rapid growth of the battery industry and the creation of structural gains in the field of batteries for electric vehicles are in full swing is the right time for division ”. “Depending on the division, we can focus on specialized business areas. In addition, management efficiency will be further increased, and the value of the company and the value for shareholders will rise to the next level. “
Furthermore, with respect to the physical division, which is a divisional method, “the increase in corporate value due to the growth of the new corporation has a positive effect on the corporate value of the parent company, and the synergies between the two companies such as R&D cooperation and the business relevance of battery materials such as cathode materials. I have considered the advantages, “he said.
LG Chem plans to make the new corporation the best energy solutions company in the world, focusing on batteries, with sales of more than 30 trillion won in 2024. Expected sales of the new subsidiary this year are around 13 trillion won.
LG Chem said: “The reason we started the division is that, considering the performance and market conditions of the battery business, we decided it was the best time to maximize shareholder value after reassessing the value of the company. . It has laid the foundation for building structural benefits in the business and has achieved record operating profits in the battery business. At the same time, with an order book of over KRW 150 trillion in the electric vehicle battery business, there are investments in facilities of over KRW 3 trillion per year. The need to obtain large-scale investment funds in a timely manner has also increased. ”
One reason for the split is the growing need for rapid decision making and flexible organizational operation to respond to rapidly evolving markets. Through this division, it is said that it will be possible to secure the basis for attracting investment funds on a large scale and alleviating the financial burden by establishing a separate financial structure for each business division.
In the future, LG Chem will establish a new corporation as the world’s best energy solutions company with differentiated competitiveness in the field of E-Platform that provides various services throughout the life of the battery, including the manufacture and sale of battery materials, cells, and packs, as well as careless battery charging and reuse. It’s a plan to nurture it. ”
On the day the spin-off was approved, LG Chem’s share price fell 6.14% to 611,000 won. It can be said that the market was somewhat disappointing.
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