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Samsung's Lee siblings in reorganisation coup
Latest move helps them tighten their control over South Korea's Samsung Group
Published Thu, May 28, 2015 · 09:50 PM
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Seoul
LEE Jae Yong and his two sisters look like they just got quite a bargain in the latest move to tighten their control of South Korea's Samsung Group.
In a deal announced on Tuesday, Cheil Industries Inc, the group's de facto holding company, will buy out construction affiliate Samsung C&T Corp for about US$9.4 billion in stock. The genius of the deal: Aside from generating about US$25 billion in revenue, C&T holds more than US$12 billion in other companies' shares, including crown jewel Samsung Electronics Co.
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