Arab Today, arab today us fund elliott files appeal against samsung merger ruling
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

US fund Elliott files appeal against Samsung merger ruling

Arab Today, arab today

Arab Today, arab today US fund Elliott files appeal against Samsung merger ruling

Samsung is a South-Korean multinational conglomerate
Seoul - AFP

US hedge fund Elliott said on Friday it had filed an appeal against a court ruling in favour of the proposed merger of two Samsung Group subsidiaries.

The Seoul Central District Court on Wednesday rejected a request from Elliott to stop Cheil Industries buying Samsung C&T Corp through an all-stock deal worth $8 billion, a move designed to facilitate Samsung's founding Lee family's father-to-son succession.

"Elliott was disappointed with the recent first instance Court decision not to grant a preliminary injunction to prohibit Samsung C&T from seeking shareholder approval for the Proposed Takeover" at a shareholder's meeting on July 17, the firm said in a statement.

"However, Elliott today filed a notice of appeal... and is confident that its position will be fully vindicated on appeal."

It said there was a "chorus of disapproval" from Samsung C&T shareholders over over the merger proposals, adding they are "neither fair nor in the best interests of Samsung C&T's shareholders".

But it remains to be seen whether an appeals court would have time to hand down a verdict on the case before the July 17 meeting.

Elliott also filed a separate case seeking a court injunction against Samsung C&T's efforts to sell treasury shares to chemicals maker KCC Corp., which the hedge fund said was a move to bolster its hand at the shareholders' meeting.

KCC is a friendly shareholder of Samsung. Treasury shares are useless in voting as companies cannot vote for themselves.

The court has not yet reached a decision on that issue, but said it would rule before July 17.

 

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