SEOUL, Jul. 15 (Korea Bizwire) — South Korea’s listed firms called Wednesday for more defense mechanisms against hostile takeovers as the ongoing battle between Samsung Group and a U.S. hedge fund sheds fresh light on the country’s weak corporate governance structure and foreign investors’ sway over the local stock market. The Korea Listed Companies Association [...]
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 [...]
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 [...]
Seoul, July 9 (Korea Bizwire) – The Korea Corporate Governance Service (KCGS) has advised the National Pension Service (NPS) to oppose the merger between Samsung C&T and Cheil Industries. According to a statement released by the financial investment industry on July 8, the KCGS recently submitted a report suggesting that the NPS should oppose the proposed [...]
SEOUL, July 7 (Korea Bizwire) – As Samsung Group and U.S. hedge fund Elliott Management are struggling over the merger between Cheil Industries and Samsung C&T, some are raising concern that Korean firms’ management rights should be defended from attacks by international hedge funds. They say that as the Korean economy has matured and its financial markets are [...]
SEOUL, July 7 (Korea Bizwire) – After the proxy advisory firm Institutional Shareholder Services (ISS) released its report opposing the merger between Samsung C&T and Cheil Industries, the de facto holding company of the Samsung Group, Korean stock companies criticized faults in the advisory report one after another. On July 6, Korea Investment and Securities assumed [...]
“It is quite preposterous to win a case over Samsung in Korea. No one can win over Samsung in Korea and it was the expected result.” – Daum ID “cesiu****” “Elliott is very clever. It sued Samsung just to make a case for ISD. In the ISD, Samsung cannot be assured of winning.” – Naver [...]
SEOUL, June 30 (Korea Bizwire) — Cheil Industries, the de facto holding company of Samsung Group, pledged Tuesday to deliver more dividends to shareholders and revamp its overall governance structure, as it seeks to convince investors ahead of a key shareholders meeting for a proposed merger with the group’s construction arm. The measures came as [...]
SEOUL, Jun. 24 (Korea Bizwire) — South Korea’s national pension fund said Wednesday it will vote against the proposed merger between two units of SK Group, but the country’s No. 3 conglomerate vowed to push ahead with the deal. SK Group has said earlier its holding firm SK Holdings Ltd. will merge with the group’s [...]
SEOUL, June 23 (Korea Bizwire) — South Korean institutional investors own more than 20 percent of Samsung C&T, which could serve as the swing vote on its high-stakes fight with a U.S. hedge fund over a controversial merger plan, market sources said Tuesday. The state-run National Pension Service (NPS), the biggest institutional investor in South Korea, and [...]