Samsung wins battle in fusion of more than $ 8 bi

Seoul-the founding family of Samsung Group won a narrow victory in a historic contest, defeating activist investors who opposed a 8 billion agreement that consolidates the domain of the new generation of the family about the biggest South Korean conglomerate.
In a meeting ignited between shareholders, investors of construction company Samsung C&T approved the acquisition of the company by sister Cheil Industries, Samsung's holding company, in an all-stock transaction.
With the margin required a two-thirds majority of the votes for approval, 69.53 percent of shareholders, slightly more than necessary, supported the transaction.
The American hedge fund Elliott Associates, with 7.1 percent of the roles of the Samsung C&T, led the opposition against the agreement, saying that it underestimates the value of the company.
This view was shared by a group of retail investors, who saw the merger as strengthening further the Lee family's control on Samsung Eletronics, passing over the interests of minority investors.
"While the agreement will boost the restructuring of Samsung, the company lost the faith of many foreign and minority shareholders," said Kang Dong-oh, a delegate by proxy in an online forum of minority shareholders opposed to the merger.
Each of the two companies have plots of other key companies of the group, including technology giant Samsung Electronics. C&T fusion-Cheil consolidates the Group's holdings in a single entity heavily controlled by Jay Y.
Lee and her two sisters, heirs of Patriarch of the group, Lee Kun-hee, who has 73 years old and hospitalized since last year when he had a heart attack.