Samsung Gets It
Samsung shareholders backed the proposed merger deal with Cheil Industries at a shareholders' meeting today.
A total of 69.53 percent of Samsung C&T shareholders approved the merger, which is an essential element of the reorganization plan of Samsung under the control of Lee Jae-yong. At the shareholder meeting, shareholders representing 84.73 percent of all shares cast votes, and 69.53 percent voted yes to the merger. Securing a 16.5 percent stake, Lee Jae-yong, vice chairman of Samsung Electronics, will emerge as the largest shareholder of the merged entity.
“This approval is huge for us. Samsung C&T won't forget the support of retail investors, and as CEO, I promise that the company will improve shareholder value and their rights,” C&T President and co-CEO Choi Chi-hun said.