SEOUL, July 14 (Korea bizwire) – Paul Singer, CEO of Elliott Management, released an old photo of himself taken when he visited Seoul World Cup Stadium in 2002 while the co-host country was astonishing the world.
With red shirts emblazoned with the “Be The Reds” slogan, he posed in front of the stadium together with his son on June 24, a day before Korea’s semifinal match against Germany.
An official from Elliott said, “Singer decided to visit Korea just after it advanced to the semi-final. He watched the game and cheered for the Taegeuk warriors.”
Market watchers see his release of the photo as related to the negative public opinion in Korea just a few days before the shareholders’ meeting of Samsung C&T, scheduled for July 17.
Meanwhile, Samsung C&T held a large-scale advertisement campaign to earn minority shareholders’ votes. On July 13, it ran ads in more than 100 newspapers, eight stock broadcasters, four general service cable channels, two cable news channels and internet portals including Naver and Daum.
In the ads titled “Earnest Request to Samsung C&T Shareholders,” it said, “Elliott is trying to defeat our plan to merger with Cheil Industries. Is it okay with you if the future of two companies is disturbed? If you entrust only a share to us, it will be much appreciated.”
An official from Samsung C&T said, “We planned the ad campaign to show the strong will of our executives and staff members to make the company better through the merger. As there are more foreign investors than expected who want to abort the merger, we cannot guarantee that the merger plan will pass at the shareholders’ meeting.”
The company is visiting general shareholders to ask them to help it pass the merger deal.
By John Choi (firstname.lastname@example.org)