(Bloomberg) -- South Korea’s LG Chem Ltd. won shareholder approval to hive off its superstar battery business, with investors betting the division has a better chance to thrive as a standalone entity.The world’s biggest maker of electric-car batteries said 82.3% of votes represented at Friday’s extraordinary general meeting in Seoul were in favor of the plan. No pricing data is available for this time frame, Top Electric-Car Battery Maker Wins Approval for Company Split, Top Battery Makers Discuss $20 Billion Indonesia EV Plans, World’s Top Electric-Car Battery Business Moves Toward IPO, Tesla Supplier LG Chem Expects Battery Revenue to Double by 2025, Tesla Battery Supplier LG Chem Sees a Record Sales, Newmont CEO Palmer Sees Gold 'Going North Into $2,000', LG Twin Towers, 128 Yeoui-daer Korea Times 08/26/20. Add to watchlist Start Trading >> News.

Stock analysis for LG Chem Ltd (LGCLF:OTC US) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Just getting used to 4K TVs? How Dolby Labs' cutting-edge video technology is helping drive the stock to new highs. “Greater access to outside capital will facilitate capacity additions.”Another funding option could be through one or more automakers taking minority stakes in the battery unit, Bernstein’s Newman said. The LG G5 Is the Most Revolutionary Smartphone in Years, These 2 Phones Could Be the Biggest Threats to iPhone 7, 3 (Non-Apple) Things Universal Display Investors Should Know, The World's No. See you at the top! Primary metrics and data points about LG Electronics, Inc.. Touch device users, explore by touch or with swipe gestures.
LG Chem’s market capitalization of about $40 billion compares to battery sector rival CATL’s value of about $83 billion.Electric-car makers and associated businesses have also been welcomed with open arms by investors this year. The Korean tech giant is hosting a special event on Oct. 1. This will affect your money. Korea, Republic of (South). Some in that category aren’t currently able to hold LG Chem stock because of its petrochemical products, according to Newman.“Even though they’ve got this world-beating, strong battery business -- currently the No.

LG Electronics Inc Stock . LG Electronics' stock does not trade on the American stock exchanges. 1Retail shareholders were upset that LG Chem is taking away the battery unit without offering any stock in it as compensation. The biggest power players on Wall Street have already seen it coming – and quietly changed their outlook for 2021. All rights reserved. Now there’s 8K, too.

LG Display Co, Ltd AMERICAN DEPOSITORY SHARES (LPL) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Add to watchlist Start Trading >> News .

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Real time LG Electronics, Inc. (LGEAF) stock price quote, stock graph, news & analysis. 72,000.00 KRW +1,300.00 +1.84%. What Are 8K TVs, and Should Investors Care? Official Close 10/28/2020 KRX. This Black Friday, these shopping tips and hot 4K TV deals could save you time and money. Find the latest 56935 (LG) stock quote, history, news and other vital information to help you with your stock trading and investing. LG Chem's CEO Hak Cheol Shin said this month that the battery maker was in talks with a "couple" of automobile manufacturers to set up joint ventures.The company already has JVs with General Motors Company (NYSE: GM) and Geely Automobile Holdings Limited (OTC: GELYF).The South Korean company, in which the Elon Musk-led Tesla is said to be eyeing a stake, is also a major battery supplier to General Motors and Ford Motor Company (NYSE: F).See more from Benzinga * Click here for options trades from Benzinga * Tesla Battery Supplier LG Chem Says Exploring Joint Ventures With 'Couple' Of Automakers(C) 2020 Benzinga.com. 1 in the world -- they don’t get the benefit, because the petrochemical business is effectively a negative on the stock,” Newman said. LG Chem, Ltd shareholders have given the go-ahead to the company's management to spin-off its battery business into a new entity, Reuters reported Friday (Seoul Time).What Happened: The new unit, to be launched on Dec. 1, will be called LG Energy Solutions and would be a wholly-owned subsidiary, according to Reuters.The Tesla Inc (NASDAQ: TSLA)-supplier can now reportedly take its battery business public to fuel its expansion.A source told Reuters that more than 82% of the shareholders who attended the meeting voted in favor of spinning-off the battery business.Why It Matters: Up to 30% of the new company's shares may be listed in an initial public offering in nearly a year's time, Reuters reported. Shares in Chinese EV manufacturer NIO Inc. are up almost 600% since January while Xpeng Inc. and Li Auto Inc. have also had stellar debuts.Investors are watching closely for a potential LG Chem battery unit IPO “because that’s going to be the hot one that everyone wants to get hold of,” Newman said.Hiving off the battery unit should also improve the division’s access to capital and help accelerate expansion efforts, according to BloombergNEF analyst Daixin Li. From next year's growth to China and OLED TV demand, the OLED technologist's CFO shared plenty of non-Apple news at a recent investor conference.

They have some geographical dominance in Europe and the U.S., and some strong relationships with major carmakers outside of China,” Newman said.
Samsung's Galaxy S7 and LG's G5 will be among the most compelling Android flagships released this year. Korea Times 23 hrs ago. 90,000.00 KRW +600.00 +0.67%. LG Chem will own 100% of the division for the time being but is planning an initial share sale that would float between 20% and 30% of the unit.The vote is a victory for a LG Chem management that faced opposition to the split from some investors, including second-biggest shareholder National Pension Service with a 10.3% stake. LG Chem, which currently has the largest manufacturing capacity, is aiming to more than double that volume to about 260 gigawatt hours by 2023 from an estimated 120 gigawatt hours this year, by adding facilities in China, Poland and the U.S.By 2024, annual sales are forecast to increase to more than 30 trillion won ($26.5 billion) from an estimated 18 trillion won in 2021.LG Chem’s “current plant scale-up heavily relies on revenue from other business units such as petrochemicals and materials,” Li said in a note last month. Official Close 10/28/2020 KRX. LG Corp., LG Group’s holding company, owns 30% of LG Chem.Shareholder lobby group Institutional Shareholder Services Inc. recommended the split be approved and Calvert Research & Management, an institutional firm with a focus on responsible investing, had said it would vote for the plan.LG Chem edged ahead of competitors to become the largest supplier of lithium-ion batteries to automakers in the first eight months of 2020, lifting its market share to about 25% from around 11% a year ago, according to SNE Research Inc.The supplier’s ascent has been aided by its early move to target the auto sector, a wide network of relationships with carmakers and strong technical capability -- including in-house expertise on the production of battery cathodes, the most expensive component, according to Mark Newman, a Hong Kong-based senior analyst at Sanford C. Bernstein.“Their position is very, very strong. When autocomplete results are available use up and down arrows to review and enter to select. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

They have doubled this year.Splitting out the unit that supplies batteries to Tesla Inc. and others will cement LG Chem’s status as a key challenger to China’s Contemporary Amperex Technology Co. Ltd. as global demand for electric-powered cars rises.LG Chem is also better positioned than many rivals for the industry’s growth in Europe, where sales have surged in 2020, and in the U.S., where an election victory for Democratic presidential nominee Joe Biden is seen spurring the push to electrify transport.World No. The stock trades on other exchanges around the world such as the Korea Stock Exchange (symbol: 066570… Before it's here, it's on the Bloomberg Terminal. “Compared to their Korean neighbors they were a bit earlier to move into EV batteries.”A standalone battery business would have major appeal to investors, particularly those focused on environmental, social and corporate governance. Subscribe to Premium to view Fair Value for 051910.KS. © 2020 Verizon Media. “But the way this was handled has angered many investors,” she said, with reference to the legions of retail shareholders who are also disgruntled.Shares of LG Chem fell 2.6% at 10:40 a.m. in Seoul.

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