Goldman helps out Samsung

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Goldman helps out Samsung

Samsung C&T is working with Goldman Sachs Group to amass resources after a challenge from activist and investor Paul Elliott Singer, sources say.

Goldman Sachs is allegedly providing strategic advice to Samsung C&T in its proposed $8.3 billion merger with Cheil Industries, with sources asking not to be identified because of the confidential information. Credit Suisse Group AG also has a role working with Samsung C&T, one of the sources said.

Billionaire Singer’s hedge fund revealed a 7.1 percent stake in Samsung C&T this month. He said the bid from Cheil, the conglomerate’s de-facto holding company, is too low.

Singer is attempting to block the shareholder vote in court, defying the Lee family as they seek to solidify control over Korea’s largest conglomerate.

APG Groep NV, the Dutch manager of the world’s second-largest pension fund, said last week it also plans to vote against the deal.

Samsung C&T has declined to comment on the information. Connie Ling, a spokeswoman for Goldman Sachs, and Uni Park, a spokeswoman for Credit Suisse, also declined to comment.

Goldman Sachs is the lead adviser to Samsung Electronics, according to data compiled by Bloomberg.

The bank has worked on $7.2 billion of acquisitions involving the maker of Galaxy smartphones.

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