Late on Friday, Sovereign Asset Management sold its nearly 15% stake in Korean oil refiner, SK Corp at a 7% discount to the market close. The exit marks the end of an acrimonious relationship between Sovereign and the chaebol's Korean management and its key shareholder and chairman, Chey Tae-won.
Sovereign, predictably enough, emerged from the sale with a press release it has barraged the media with press releases in the past 18 months, that stated Having exhausted all of the legal rights currently available to shareholders under Korean law, Sovereign is now exercising the only meaningful right remaining open to us - withdrawal from our investment in SK Corp....
