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South Korea court rejects request to block vote on merger of Samsung Group firms
[SEOUL] A South Korean court on Wednesday denied US fund Elliott's injunction request seeking to block a shareholder vote on a proposed US$8 billion merger between two Samsung Group companies.
Elliott, which owns 7.1 per cent of Samsung C&T, sought to block a C&T shareholder vote scheduled on July 17 over a proposed all-stock takeover attempt by Cheil Industries Inc, the de facto holding company of Samsung Group.
The Seoul Central District Court did not issue a decision on Elliott's second injunction request to block Samsung C&T's stake sale to KCC Corp but plans to announce its ruling before July 17.