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 [...]
SEOUL, July 3 (Korea Bizwire) – Samsung Group is planning to provide various measures to help overcome the economic recession caused by the outbreak of the Middle East Respiratory Syndrome (MERS). On July 2, the largest business group in Korea announced that it had come up with various plans to boost domestic demand that has been [...]
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, 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 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, [...]
SEOUL, June 10 (Korea Bizwire) — Samsung C&T, the construction arm of Samsung Group, said Wednesday its plan to merge with the group’s de facto holding firm doesn’t hurt shareholders’ interests, refuting a U.S. hedge fund’s claim that the builder is undervalued. In late May, Samsung C&T unveiled the plan to merge with Cheil Industries in [...]
SEOUL, May 26 (Korea Bizwire) – Cheil Industries and Samsung C&T, two key affiliates of South Korea’s top conglomerate Samsung Group, said Tuesday they are planning to merge by the end of August. “Under the merger agreement, subject to approval from the two companies’ shareholders, Cheil Industries will acquire Samsung C&T by offering 0.35 new [...]
SEOUL, May 12 (Korea Bizwire) — On May 10, exactly one year after the hospitalization of Samsung Group Chairman Lee Kun-hee from a stroke, workers in Korea’s largest business group posted numerous get-well messages on Samsung’s intranet portal “My Single,” and its in-house media portal, “Media Samsung.” In the login page of My Single, users uploaded words [...]