This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:59 p.m. on Mar. 31, 2026.
The sale talks for SK ecoplant subsidiary SK oceanplant (formerly Samkang M&T) are expected to drag on even longer than anticipated. The deadline for the preferred bidder has been pushed to April, and a plan to extend it again until after the June local elections is being seriously considered.
According to the investment banking (IB) industry on the 31st, SK ecoplant and the preferred-bidder consortium led by The Ocean Asset Management are discussing extending the exclusive negotiation period until after the local elections.
Back in September, SK ecoplant selected The Ocean consortium as the preferred bidder for a 36.98% management-control equity stake in SK oceanplant. The sale price is said to be in the high 400 billion won range.
The Ocean Asset Management is a fledgling manager that drew attention for its ties to former STX Group Chairman Kang Duk-soo. This is because relatives and associates of Kang are positioned at The Ocean Asset Management's parent company, SUM Global (formerly The Ocean Invest). CEO Bae In is a family member of Kang's spouse, Bae Dan, and CEO Kang Sun-ok is known to be a former secretary to Kang. Bae Dan serves as an inside director, and Kang's daughter, Kang Kyeong-rim, is listed as an auditor.
However, the funds borne by The Ocean Asset Management in the acquisition of SK oceanplant amount only to several billion won in the manager's own investment (GP money). Hana Bank is handling 150 billion won in senior acquisition financing, Osung Advanced Material will commit 150 billion won to The Ocean Asset Management's fund, and the seller, SK ecoplant, is said to be reinvesting 100 billion won.
The preferred-bidder deadline for The Ocean consortium has already been extended three times. On Jan. 30, SK oceanplant said in a filing with the Financial Supervisory Service that "the preferred-bidder period has been extended by three months and will end within April 2026." It added, however, that "even if the negotiation period expires, the seller will not dispose of the target shares (management-control equity in SK oceanplant) to a third party unrelated to this transaction until Mar. 31, 2027." In other words, even if April passes, The Ocean consortium will not immediately lose its preferred-bidder status.
Both sides are said to believe that delaying the transaction until after the local elections is in the practical interest of both the seller and the buyer. In the run-up to an election, a corporate sale can easily escalate into a local political issue, but after the election, stakeholders can approach negotiations more practically.
This relates to local public opinion surrounding the sale of SK oceanplant. SK oceanplant's core production base is in Goseong, South Gyeongsang, and there is strong opposition to SK, a major conglomerate, exiting and a consortium becoming the new owner. The concern is job insecurity and potential contraction of the local economy. With the election approaching, local governments and the political sphere cannot ignore such regional sentiment.
By contrast, once the election ends, the positions of politicians and local governments could change, industry sources said. Once winners are confirmed, the scope for policy judgment broadens compared with before the election, and the transaction parties can consult with the new administrative leaders on medium- to long-term plans for mutual growth with the region.
From an administrative standpoint, there is also a view that it is more stable to begin full-scale sale negotiations after the election. SK oceanplant is considered a core corporation in South Gyeongsang's first opportunity and development special zone. Therefore, even if the governance structure changes going forward, securing continuity in investment and project execution within the special zone will require consultation with local governments and relevant ministries. Rather than rushing related discussions before the election, it is better to consult after the election, once the new local administrative line is in place.