A PYMNTS Company

US: Samsung pitches $8 billion merger for takeover by Cheil Industries

By  |  June 30, 2015

Locked in a battle with an activist US hedge fund, the Samsung Group’s de facto holding company sought to win support for a proposed USD 8 billion merger with a sister firm by pledging measures to bolster post-deal shareholder returns.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Cheil Industries said in a statement on Tuesday that the company formed on completion of its all-stock takeover of Samsung C&T Corp would gradually increase its dividend payout ratio to 30 percent by 2020 and also consider share buybacks.

    The announcement came as Samsung Group seeks to fend off a challenge from Samsung C&T shareholder Elliott, a hedge fund that opposes the merger and has filed two injunction requests with a South Korean court to block it. The court may issue rulings on both requests on Wednesday.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.