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South Korea: Pension fund to vote against merger of two SK Group firms

By  |  June 24, 2015

South Korea’s National Pension Service will vote against a proposed $7.4 billion merger of two units of conglomerate SK Group, a decision some analysts said could signal its willingness to oppose a pending $8 billion deal between two Samsung Group firms.

The country’s health ministry, which manages the nearly $450 billion pension fund, said on Wednesday the NPS will oppose the 8.2 trillion won tie-up between SK C&C Co Ltd and its affiliate SK Holdings Co Ltd because it could hurt SK Holdings’ shareholder value.

The NPS, which holds significant stakes in many of the country’s largest listed companies.

Full content: The Financial Times

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