A U.S. hedge fund has put the brakes on Samsung Group's restructuring plan which appears to be the controlling Lee family's move to consolidate their shareholdings ahead of a leadership transfer.
Hedge fund Elliott's challenge came after the country's largest conglomerate last month announced a plan to merge its affiliate Cheil Industries Inc. with its construction arm Samsung C&T Corp.
Elliott said it was opposing Cheil's 8 billion-dollar takeover offer for Samsung C&T because the deal is undervalued.
Analysts say the Samsung units' merger is seen crucial to a smooth power transition in the conglomerate since group chief Lee Kun-Hee fell ill a year ago.
Elliot is known to be Samsung C&T's third-largest shareholder with a 7.1 percent stake.
[저작권자(c) YTN 무단전재, 재배포 및 AI 데이터 활용 금지]