SK Innovation shares rise 16.8% after $1.8 billion battery settlement By Reuters

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© Reuters. The logo of SK Innovation is seen in front of its headquarters in Seoul

SEOUL (Reuters) – Shares of SK Innovation Co rose 16.8% while LG Chem Ltd shares rose 4.1% on Monday, after the South Korean battery makers agreed on a 2 trillion won ($1.8 billion) dispute settlement over electric-vehicle (EV) battery technology.

LG Energy Solution, a wholly-owned subsidiary of LG Chem, and SK Innovation, also agreed on Sunday to drop all litigation in the United States and South Korea and not to raise further lawsuits against each other for 10 years, after the core dispute had threatened the EV plans of Ford Motor (NYSE:) Co and Volkswagen AG (OTC:).

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