SAMSUNG C&T-M&A/CHEIL INDUSTRIES Samsung C&T hold shareholders meeting for Cheil Industries merger vote

Record ID: 146792

  • Title: SAMSUNG C&T-M&A/CHEIL INDUSTRIES Samsung C&T hold shareholders meeting for Cheil Industries merger vote
  • Date: 17th July 2015
  • Summary: SEOUL, SOUTH KOREA (JULY 17, 2015) (REUTERS) **** WARNING CONTAINS FLASH PHOTOGRAPHY **** SHAREHOLDERS GATHERED AT VENUE FOR GENERAL MEETING VARIOUS OF SHAREHOLDERS REGISTERING TICKETS AND ID CARD OF SHAREHOLDERS ON DESK VARIOUS OF SHAREHOLDERS STANDING SHAREHOLDERS WALKING THROUGH SECURITY CHECK IN FRONT OF MEETING VENUE SHAREHOLDERS WALKING TOWARD MEETING ROOM SIGN READI
  • Embargoed: 1st August 2015 13:00
  • Keywords:
  • Topics: General
  • Reuters ID: LVADFVXLIHFWA4E8M7442F2TSFTL
  • Aspect Ratio: 16:9
  • Story Text: South Korean construction firm Samsung Construction and Trading (C&T) Corp held a shareholder meeting on Friday (July 17) to vote on a proposed $8 billion all-stock takeover offer from Samsung Group's de facto holding company Cheil Industries Inc.
    More than 500 shareholders with 83.57 percent of eligible Samsung C&T Corp attended the general meeting in Seoul, Samsung C&T official said.
    "Meanwhile, many domestic and foreign shareholders including minority shareholders have signified their approval of the merger. We really appreciate that. We humbly will wait for result, as we have done our best," Co-President and CEO of Samsung C&T Corporation, Kim Shin, said before the meeting.
    Samsung Group received an apparent boost as South Korea's National Pension Service has decided to vote its shares in favour of the deal, according to local media reports.
    U.S. hedge fund Elliott Associates, C&T's third-largest shareholder, with a 7.1 percent stake, has led opposition to the merger, which is seen as a key step for the ongoing leadership transfer for the founding Lee family of Samsung Group, South Korea's largest conglomerate.
    Shareholders in Cheil Industries approved the merger earlier on Friday, as expected.
    To proceed, the merger needs to win two-thirds of the Samsung C&T votes cast at the meeting.
    For Samsung's controlling Lee family, rejection of the deal would remove a smooth option for generational management transfer at the group, whose 73-year-old patriarch Lee Kun-hee remains hospitalised since a heart attack last year.
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