It is reported that LG Chem shareholders have approved the spin-off of the car battery business plan

by:CTECHi     2021-08-31
On October 30, according to foreign media reports, a person familiar with the matter said that the shareholders of South Korean power battery company LG Chem (LGChem) have approved the company's plan to spin off the car battery business. In December last year, LG Chem stated in a regulatory document that the company is considering a variety of strategic options to improve its battery business. In mid-September this year, the company said it planned to spin off its battery business. At the same time, the company said that it will discuss whether to divest the business at an extraordinary general meeting to be held on October 30. Foreign media said that LG Chem plans to spin off its battery business with the aim of vigorously developing the battery business, seizing the development opportunities of electric vehicle batteries, and enhancing the value of the company and its shareholders. Once the plan to spin off its battery business is approved, the company will formally separate its battery business from December 1st and establish a new company solely responsible for the battery business. The name of the new company is tentatively set to be 'LGEnergySolution'. After the spin-off, LG Chemical will hold 100% of the shares in the new company. LG Chem is a South Korean power battery company that provides electric car batteries for 13 of the top 20 car brands, including Volkswagen, Renault, General Motors, Ford, Hyundai, Volvo, Audi, Daimler, etc. At the same time, the company is also one of Tesla's battery suppliers. At the end of September this year, sources said that Tesla is seeking to acquire a 10% stake in the battery business 'LG EnergySolution' that LG Chem is planning to spin off in order to obtain a stable battery supply. From Tesla's point of view, any direct investment in LG will help it purchase qualified batteries for use in Tesla electric vehicles.
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