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Shareholders of Samsung C&T on Friday voted for the company’s merger with Cheil Industries, forecasting the establishment of a 60 trillion won ($59 billion) global enterprise by 2020.
Samsung C&T is a construction-trade arm of Samsung Group while Cheil is the chemical, fashion and leisure fraction of Samsung.
Cheil will acquire Samsung C&T by offering 0.35 new share in the new company for each share of C&T. However, the new company will be named Samsung C&T Corporation to “inherit Samsung’s founding spirit and reflect C&T’s global brand awareness,” the two companies said.
The agenda won 92 million out of 132.4 million votes, or 69.53 percent, at the interim shareholders’ meeting held at the aT center in southern Seoul. The merger needed a two-thirds majority to pass. Voter participation reached 83.57 percent of the total shareholders.
Earlier in the day, the merger won landslide support from the shareholders of Cheil Industries.
By Bae Ji-sook (baejisook@heraldcorp.com)
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Articles by Korea Herald
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