Elliott fires another salvo at Samsung merger

Hedge fund wages battle with Samsung's Lee family, filing an injunction against the sale of treasury shares as it attempts to derail Cheil Industries merger with Samsung C&T.

Activist hedge fund Elliott, founded by billionaire Paul Singer, fired another salvo at Korea's powerful Lee family on Thursday as it again tried to block the merger of Samsung group's de facto holding company Cheil Industries with Samsung CT.

Elliott said that it applied for an injunction to prevent Samsung CT from selling treasury shares to KCC, an affiliate of Cheil Industries. The treasury shares amount to a 5.7% stake in Samsung CT.

“The attempt by the boards of Samsung CT and Cheil Industries to force through this unlawful takeover proposal represents an effort to divert, without any compensation, more than 58%...

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