SK Group Shareholders Approve Controversial Merger of Units

SK Group overcame opposition from South Korea’s biggest institutional investor by winning a vote to push through a controversial merger of two units.

Investors at SK Holdings Co. and SK C&C Co. approved a plan for the affiliates to merge at their respective shareholders meetings on Friday, officials at both companies said. The National Pension Service, which manages more than $400 billion in assets, this week made the rare move of opposing the deal on grounds it would undermine minority investors.