SK innovation and Cafe24 shares surge over possible merger

[Photo by MK DB]

SK innovation Co. saw its shares surge more than 15 percent in early trading on Tuesday following news reports that the company is considering a merger with SK E&S Co.

SK innovation shares were trading at 120,400 won per share as of 10:10 a.m., up 15,500 won or 15.7 percent from the previous day and climbing as high as 122,000 won per share, an increase of 16.52 percent, in early trading.

“We are considering all strategic measures, including mergers, but no specific decisions have been made to date,” according to a statement published by SK innovation. The statement followed a media report suggesting that SK innovation and SK E&S might merge to found an energy giant with assets worth 100 trillion won ($72.3 billion).

In a separate development, shares of Cafe24 Corp., an e-commerce platform, surged over 8 percent in early trading on Tuesday after it launched the world‘s first all-in-one shopping platform for individual entrepreneurs.

Cafe24 shares were trading at 40,000 won per share as of 10:10a.m., up 7 percent from the previous day. They even hit a 52-week high of 41,600 won per share, up 11.38 percent.

Cafe24’s new online store platform enables anyone to open an online shopping store on YouTube with just a few clicks.