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South Korea: Court Rejects Elliott, Rules In Favor Of Samsung

By  |  July 1, 2015

A South Korean court ruled in favor of Samsung Group’s Lee family today.

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    The court rejected U.S. activist hedge fund Elliott Associates‘s request to block the merger deal between Cheil Industries and Samsung.

    Samsung C&T’s shareholders will meet on July 17 and decide whether to accept Cheil’s merger proposal.

    The Korean court still needs to rule on a second injunction requested by Elliott to stop a “Samsung affiliate ” from voting at the shareholder meeting on July 17. Elliott last week dialed up pressure on Samsung and questioned C&T’s due diligence and corporate governance.

    Yesterday, the Lee family’s de facto holding company Cheil Industries promised to boost dividend payouts once the merger deal is completed.

    Full content: BBC News

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