Samsung's controlling Lee family scored a major victory Friday over U.S. hedge fund Elliott Associates, as shareholders approved an $8B merger between Cheil Industries and Samsung C&T.
Elliott Associates had argued the merger grossly undervalued Samsung C&T shares.
The deal will help streamline Samsung's convoluted ownership structure, which consists of about 70 affiliates tied together by a complex web of cross-shareholdings, and consolidate the Lee family's power over the conglomerate.
Previously: Elliott-Samsung fight comes to a head (Jul. 16 2015)
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