{"id":142231,"date":"2026-09-03T20:43:42","date_gmt":"2026-09-03T20:43:42","guid":{"rendered":"https:\/\/www.europesays.com\/korea\/142231\/"},"modified":"2026-09-03T20:43:42","modified_gmt":"2026-09-03T20:43:42","slug":"chey-tae-won-forms-separate-team-to-sell-sk-siltron-stake","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/korea\/142231\/","title":{"rendered":"Chey Tae-won Forms Separate Team to Sell SK Siltron Stake"},"content":{"rendered":"

Legal Advisers Tapped Ahead of Sale of Chey’s 29.4% Holding
\nMove Aims to Preempt Self-Dealing and Breach-of-Duty Claims
\nValuation and Divorce Suit Loom as Key Variables<\/p>\n

This article appeared on Signal, the capital markets compass, at 5:10 p.m. on August 28, 2026.<\/p>\n

\"CheySK Group Chairman Chey Tae-won speaks at the San Francisco AI Summit held in San Francisco, U.S., on Feb. 24. Cheong Wa Dae Press Corps<\/p>\n

SK Group Chairman Chey Tae-won is assembling a separate negotiating team to sell his remaining 29.4% stake in SK Siltron, following SK’s agreement to sell a 70.6% stake in the wafer maker to Doosan for 2.3 trillion won ($1.7 billion). The decision to pursue an independent track, apart from SK, is seen as an effort to preempt any claim that the holding company helped the group chairman liquidate personal assets.<\/p>\n

Chey’s side has quietly approached and retained advisers, including a major domestic law firm, to form a team dedicated to the sale of the remaining stake, investment banking sources said on the 28th. The holding in question is the 29.4% Siltron stake Chey owns through a total return swap (TRS). Applying the enterprise value recognized in the SK-Doosan deal, the stake is estimated at about 960 billion won.<\/p>\n

The advisers will need to handle the full range of complex negotiation work, including price talks, contract drafting and TRS settlement. Representations and warranties sought by the buyer, as well as tax issues, must also be resolved, requiring substantial expertise and manpower. That is seen as the reason a law firm capable of providing comprehensive legal advice was selected first, ahead of financial or accounting advisers.<\/p>\n

\"CheyPhoto via Seoul Economic Daily<\/p>\n

SK has said it will not take part in negotiations over Chey’s personal stake. When the main contract was signed, the company drew a line, saying the chairman’s personal holding had not been discussed. A package sale was effectively impossible in the first place because the stake was never SK’s. After Doosan disclosed that it would continue talks on the remaining stake separately, Chey’s counterparty narrowed to Doosan.<\/p>\n

Behind the decision by SK and Chey to take separate tracks is an intent to avoid the appearance of a company helping its chairman convert personal assets into cash. Had SK joined the talks, the arrangement could have invited allegations of self-dealing or breach of fiduciary duty. The views of shareholders in SK, a listed holding company, are also a consideration.<\/p>\n

Some see the split as a lesson learned from the years-long litigation with the Fair Trade Commission. The regulator took issue with SK allowing Chey to acquire a stake during its earlier purchase of LG Siltron. It ultimately imposed a 1.6 billion won fine along with an order barring repetition of the same conduct. The Supreme Court, however, ruled in favor of SK and Chey last year, finding that the transaction did not amount to handing over a business opportunity. Although the legal risk has been cleared, the earlier litigation is believed to have reinforced the preference for separate negotiations.<\/p>\n

The crux of the talks is how to value the remaining stake. Assigning a higher price to the personal holding could invite controversy, while a low offer risks pushback from Chey’s side. Some also question whether a per-share price reflecting a control premium can simply be applied to a minority stake. The outcome of the asset division suit with Noh Soh-yeong, director of Art Center Nabi, is cited as another variable. How far the two sides can narrow their differences while watching Siltron’s earnings trend will be decisive. The timing of the talks on the remaining stake is expected to be paced according to the progress of the main transaction.<\/p>\n

“Beyond the sheer amount, the symbolism of a stake sale by the chairman of a top-tier Korean group makes for intense maneuvering,” an investment banking source said.<\/p>\n","protected":false},"excerpt":{"rendered":"Legal Advisers Tapped Ahead of Sale of Chey’s 29.4% Holding Move Aims to Preempt Self-Dealing and Breach-of-Duty Claims…\n","protected":false},"author":2,"featured_media":142232,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[2225,3714,295,62417,62418,9467,4410,336,335,315,4101,62416,62420,241,240,62419],"class_list":["post-142231","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sk","tag-economic-news","tag-financial-analysis","tag-hyundai","tag-korea-business-news","tag-korea-finance","tag-korean-companies","tag-korean-economy","tag-kosdaq","tag-kospi","tag-lg","tag-samsung-news","tag-seoul-economic","tag-seoul-news","tag-sk","tag-sk-group","tag-stock-market-korea"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/142231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=142231"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/142231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/142232"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=142231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=142231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=142231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}