S.Korea pension fund to oppose LG Chem's plan to separate battery business

Credit: REUTERS/KIM HONG-JI

South Korea's National Pension Service (NPS) said on Tuesday it had decided to oppose LG Chem's plan to separate its battery business into a new company.

SEOUL, Oct 27 (Reuters) - South Korea's National Pension Service (NPS) said on Tuesday it had decided to oppose LG Chem's 051910.KS plan to separate its battery business into a new company.

It said it had made the move because of concerns about damage to shareholder value, including the possibility of diluting the equity value.

LG Chem, an electric car battery supplier for Tesla Inc TSLA.O and GM GM.N said last month it plans to separate the business as the electric vehicle market takes off.

(Reporting by Joyce Lee; Editing by Andrew Heavens)

((jungyoon.lee@tr.com; +82 2 6936 1467;))

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