South Korea's SK Innovation to merge with SK E&S as part of overhaul

South Korea's SK Innovation to merge with SK E&S as part of overhaul

FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji/File Photo

SK Innovation, parent of South Korea’s largest oil refiner and battery maker SK On, said on Wednesday it will merge with energy affiliate SK E&S as the nation’s No. 2 conglomerate undertakes a major overhaul to boost profitability.