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Samsung Group Beats U.S. Fund in Victory for Korean Corporation

By Tony Seruga

Samsung C&T Corp. CEO Choi Chi Hun arrives for the company’s extraordinary shareholders’ meeting in Seoul, South Korea, on Friday. Photographer: SeongJoon Cho/Bloomberg

Samsung Group prevailed in one of the most contested proxy fights South Korea has seen, defeating billionaire investor activist Paul Elliott Singer and underscoring the resilience of the nation’s corporate dynasties.

Shares of the two Samsung companies involved plunged on Friday after Samsung C&T Corp. investors accepted a buyout offer from the group’s de facto holding company, Cheil Industries Inc. Singer’s Elliott Associates LP waged a six-week public campaign opposing the deal on grounds that the offer was too low for C&T investors…

Samsung Group Beats U.S. Fund in Victory for Korean Corporation

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