SEOUL, July 18 (Korea Bizwire) — The government has filed a suit to reverse an international tribunal’s order to pay nearly US$100 million in damages to hedge fund Elliott Investment Management in a dispute stemming from the controversial 2015 merger of two Samsung Group affiliates, officials said Tuesday. Last month, the Permanent Court of Arbitration [...]
SEOUL, June 26 (Korea Bizwire) — South Korea has faced significant setbacks in the Korea v. Elliott Investment Management investor-state dispute settlement (ISDS) case. According to a press release titled “Decision on the Elliott International Investment Dispute Settlement (ISDS) Case” by the justice ministry on Friday, which provides a summary of the June 20 judgment, [...]
SEOUL, May 22 (Korea Bizwire) — Hyundai Motor Group on Monday withdrew a key spinoff merger plan in a setback to its corporate restructuring amid stepped-up opposition campaigns by some investors. The decision comes as global hedge fund Elliott and proxy advisers such as Institutional Shareholder Services (ISS) continued to take issue with the carmaker’s [...]
SEOUL, April 27 (Korea Bizwire) – Elliott Advisors Ltd., a unit of U.S. activist hedge fund Elliott Management Corp., on Friday reiterated its demand for a holding company structure for Hyundai Motor Group. In a statement, the U.S. fund called on the Korean automotive group to merge Hyundai Motor Co. and Hyundai Mobis Co. into [...]
SEOUL, Feb. 26 (Korea Bizwire) – U.S. hedge fund Elliott Associates denied allegations Friday over a possible breach of local disclosure rules regarding Samsung C&T Corp., stressing a series of processes for its Samsung stake purchase were “perfectly legal.” Elliott made the claim ahead of a prosecution probe on suspicions that it illegally “parked” its [...]
SEOUL, Feb. 24 (Korea Bizwire) - South Korea’s financial authorities on Wednesday referred U.S. hedge fund Elliott Associates to state prosecutors for allegedly violating local disclosure rules when it tried to prevent a merger of two Samsung Group affiliates last year. The Securities and Futures Commission said Elliott abused the total return swap (TRS) system to [...]
Seoul, July 28 (Korea Bizwire) - It has been reported that Elliott Management, an American hedge fund that filed lawsuits opposing the merger of Samsung C&T Corporation and Cheil Industries Inc., has returned its stockholder certificates for Samsung C&T Corporation, Samsung SDI and Samsung Fire Insurance to the Korea Securities Depository (KSD). Since the proposal to merge Samsung C&T [...]
“M&As are the most efficient way to improve the competitive power of a company, and result in its growth. In advanced markets, even hostile M&As occur freely. It is true that companies need to understand and protect minority shareholders as well as major shareholders to be fair. But would we need to protect them in [...]
“We expect that NPS — entrusted with the hard-earned capital of ordinary Koreans — will choose to make the proper financial decision to oppose these wholly unfair takeover proposals.” “The undeniable evidence of this outpouring of opposition is tens of millions of shares which have been confirmed as a vote against and/or provided as proxies [...]
SEOUL, July 10 (Korea Bizwire) – South Korea’s national pension fund operator on Friday decided its official stance on a merger between key subsidiaries of Samsung Group, the country’s leading family-controlled conglomerate, but won’t disclose what the stance is for the time being, officials said. But sources say that the operator decided to support the [...]