Fund a long-term investor in SK
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SK Corp is South Korea's top oil refiner.
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SEOUL, South Korea (Reuters) -- Monaco-based fund Sovereign Asset Management, the biggest shareholder in SK Corp, said on Monday it had built the stake for a long-term investment and urged the oil refiner to undertake "bold reform."
These comments were the first official stance from Sovereign since it began acquiring the stake.
Its build-up has sparked speculation that Sovereign would bid to take over SK Corp, South Korea's top oil refiner.
"Sovereign is a long-term investor without any affiliation to SK Corp's existing shareholders or management," the Monaco-based fund said in a statement.
"Resolving the current difficulties facing SK Corp will require a bold reform plan, which can command the respect and support of all shareholders, as well as creditors, employees and regulatory authorities," it added.
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