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Elliott buys stake in Samsung, will try to undermine merger from inside

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Staff writer | Monday July 6, 2015 7:05AM ET
Samsung
Electronics   Elliott Associates continues its fight against Samsung

Elliott Associates bought a one percent stake in each of Samsung Fire & Marine and Samsung SDI, both shareholders in Samsung C&T, for about 200 billion won ($178 million) in total, the Chosun Ilbo reported.


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An investor with an at least one percent stake can sue the company's directors and is able to see who the other shareholders are.

Elliott wants to prevent Samsung C&T being taken over by Samsung Group de facto holding company Cheil Industries. The $8 billion deal is seen as a key step in securing the leadership transfer for the sprawling family-run conglomerate. Elliott has a 7.1 percent stake in Samsung C&T.

A court in South Korea rejected a U.S. hedge fund Elliott Associates's bid to block a shareholder vote on the planned $8 billion merger of two Samsung Group companies.

However, the proposed merger came under two new attacks as an activist hedge fund filed a court action against the deal and a shareholder advisory group recommended shareholders oppose it.

 

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