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Samsung Group prevails in fight with US fund
Korean conglomerate's victory over Elliott Associates underscores resilience of country's corporate dynasties
Add BT as a preferred sourcePublished Fri, Jul 17, 2015 · 09:50 PM
Singapore
SAMSUNG Group prevailed in one of the most contested proxy fights South Korea has seen, defeating billionaire investor activist Paul Elliott Singer and underscoring the resilience of the nation's corporate dynasties.
Shareholders of Samsung C&T Corp on Friday voted in favour of accepting a buyout offer from the group's de facto holding company, Cheil Industries Inc. Mr Singer's Elliott Associates LP had been waging a six-week public campaign opposing the deal on grounds that the offer was too low for C&T investors.
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