Court rejects Elliott's bid to ban Samsung C&T's share sale
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
(END)
-
(Movie Review) 'Troll Factory' navigates blurred line between fake, real with anticlimactic finale
-
Police officer admits to leaking investigation report into late actor Lee Sun-kyun
-
'Parasyte: The Grey' adapts Japanese alien invasion manga to Korean setting
-
S. Korea, U.S. launch task force to block N. Korea's nuclear, missile programs
-
N. Korean leader sends condolences to Putin over Russian concert hall shooting
-
(Movie Review) 'Troll Factory' navigates blurred line between fake, real with anticlimactic finale
-
'Parasyte: The Grey' adapts Japanese alien invasion manga to Korean setting
-
Police officer admits to leaking investigation report into late actor Lee Sun-kyun
-
Congenital diseases of children born from mothers working at Samsung recognized as industrial accidents
-
N. Korean leader sends condolences to Putin over Russian concert hall shooting
-
S. Korea, U.S. launch task force to block N. Korea's nuclear, missile programs
-
Unification minister slams N. Korea's abduction, detention of S. Koreans as inhumane
-
(LEAD) S. Korea, U.S. launch task force to block N. Korea's nuclear, missile programs
-
Major hospitals in emergency mode amid huge losses over doctors' walkout
-
Seoul bus drivers go on general strike