SK Innovation Co. and its energy affiliate SK E and S Co. were set to hold shareholder meetings Tuesday to vote on a proposed merger that would create a major energy company in South Korea. Last month, the boards of SK Innovation and SK E and S approved their merger plan. If approved by shareholders, the merged entity would have combined assets of 100 trillion won (US$75.3 billion). The proposed merger is part of SK Group's restructuring efforts to streamline its affiliates and support its loss-making battery unit, SK On Co., analysts said. The merger ratio of SK Innovation and SK E and S was set at 1 to 1.1917417. The National Pension Fund, a major shareholder of SK Innovation, said last week that it opposed the proposed merger, saying it could significantly undermine shareholder value. The fund is the second-largest shareholder of SK Innovation, with a 6.2 percent stake. SK Innovation's biggest shareholder is SK Inc. with a 36 percent stake. Source: Yonhap News Agency