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

 |  July 1, 2015

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

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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