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Court rejects Elliott's bid to ban Samsung C&T's share sale

All News 10:53 July 07, 2015

By Kang Yoon-seung

SEOUL, July 7 (Yonhap) -- A Seoul court on Tuesday turned down a request by a U.S. hedge fund to block Samsung C&T Corp.'s sale of treasury shares to a friendly shareholder, raising the possibility it could win shareholder approval for a merger with another Samsung unit.

Samsung C&T, the construction and trading arm of Samsung Group, is facing opposition from Elliott Associates over a takeover offer by Cheil Industries Inc., the group's de facto holding firm.

Last week, the court also rejected Elliott's request to block the proposed merger. The hedge fund then said it will appeal the case.

Elliott, led by activist billionaire Paul Singer, has claimed the merger plan undermines C&T shareholders' interests as it is based on unfair terms. It is the third-largest shareholder of the builder with a 7.12 percent stake.

Samsung C&T's shareholders are slated to vote on the proposed merger on July 17.

colin@yna.co.kr
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