Shareholders approve Samsung C&T merger July 17, 2015 - 13:10 AMT PanARMENIAN.Net - One of South Korea's most controversial mergers has been given approval by shareholders of the construction company Samsung C&T. The deal will see the firm taken over by holding company Cheil Industries, another part of the Samsung group, BBC News reports. The merger is strongly opposed by some of Samsung C&T's shareholders, led by U.S. hedge fund Elliott Associates. For Samsung's founding family, the move is a crucial step in consolidating control of the conglomerate. Shareholders in Cheil Industries approved the merger earlier on Friday, July 17. Elliott Associates, which is the second largest single shareholder in C&T, says the takeover significantly undervalues the company's stock. The hedge fund had filed several unsuccessful law suits to stop the vote from going ahead. The takeover is key to consolidating the Samsung founding family's control of the multi-headed conglomerate. It is of particular significance as it comes ahead of a generational power transfer at Samsung. The business empire's patriarch Lee Kun-hee has been in hospital since May 2014 and his son Lee Jae-yong is to take a bigger leadership role.  Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Armenians stage more campaigns against territorial concessions to Azerbaijan  Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan.Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia.U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel.Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. |
