Voter turnout high at key Samsung Group merger ballot

By: | Published: July 17, 2015 8:58 AM

Turnout was high at a shareholder vote on Friday to decide the fate of an $8 billion merger between two Samsung Group companies, with 83.57 percent of eligible Samsung C&T Corp voting shares cast, the company said.

Turnout was high at a shareholder vote on Friday to decide the fate of an $8 billion merger between two Samsung Group companies, with 83.57 percent of eligible Samsung C&T Corp voting shares cast, the company said.

Counting of votes is under way during a meeting in Seoul that was punctuated by spirited debate among investors present. Samsung C&T needs the approval of two-thirds of shares voted at the meeting to proceed with a takeover by sister firm Cheil Industries Inc.

The merger, which would help ease generational succession at South Korea’s largest conglomerate, has drawn opposition from U.S. hedge fund Elliott Associates, which says the deal undervalues C&T.

Shareholders in Cheil Industries approved the merger earlier on Friday, as expected.

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