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LG Chem denies report it will merge naphtha cracker business with Lotte Chemical

(Reuters) - South Korean petrochemical company LG Chem denied a media report saying it is considering merging its naphtha cracker business with rival Lotte Chemical.

Lotte Chemical also denied the report in a regulatory filing on Wednesday.

Shares in South Korean industry No. 1, LG Chem, and No. 2, Lotte Chemical, rose 2.8% and 3.8% respectively versus the wider market's 1.7% rise, after newspaper Korea Economic Daily reported they are in talks to potentially merge their general-purpose naphtha cracker businesses to prevent losses as supply from China increases.


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