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 [...]
SEOUL, June 22 (Korea Bizwire) – Amidst the all-out-war between Samsung Group and American activist hedge fund Elliott over the planned merger between Samsung C&T and Cheil Industries, minor shareholders of Samsung C&T are seeking to exert their own influence by uniting. According to “Solidarity of Minor Shareholders of Samsung C&T,” an Internet community comprised of Samsung [...]
SEOUL, June 12 (Korea Bizwire) – Samsung C&T Co., a construction and trading arm of Samsung Group, said Friday that it is seeking to delist its depositary receipts (DRs) traded on the British stock market in order to stem a possible lawsuit there by a U.S. hedge fund over its attempt to merge with its [...]
SEOUL, June 11 (Korea Bizwire) – As the struggle between American hedge fund Elliott Associates and Samsung Group continues, local institutional investors find themselves in the difficult position of having to choose sides. Elliott’s argument that the proposed merger between Samsung C&T and Cheil Industries undervalues Samsung C&T and goes against the interests of shareholders is widely received, [...]