Merger between Samsung C&T, Cheil proceeds

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Merger between Samsung C&T, Cheil proceeds

Samsung C&T said Friday it has received requests from its shareholders to buy back shares worth 670 billion won ($578 million), a step toward a takeover by another Samsung affiliate Cheil Industries slated to be completed on Sept. 1

Thursday was the deadline for shareholders of the construction arm and its sister company Cheil, a chemical and fashion arm, to lodge their claims with the two affiliates if they wished to exercise their appraisal rights for a repurchase of shares against the merger.

That amount falls far below the 1.5 trillion won, the bottom line for a merger to be thwarted.

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