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Samsung scrapes to victory in proxy battle over $8 bln merger

Reuters  |  SEOUL 

By Joyce Lee and Sohee KimSEOUL (Reuters) - Samsung Group's founding family on Friday scored a narrow win in a landmark proxy battle, fending off an activist investor opposed to an $8 billion deal that cements its grip as a new generation prepares to take the reins of South Korea's biggest conglomerate.At an often-heated shareholder meeting, investors in builder Samsung C&T Corp approved an all-share takeover offer from sister firm Cheil Industries Inc, Samsung's de facto holding company - but only just. With the backing of two-thirds of votes cast needed for success, some 69.53 percent of ...

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First Published: Fri, July 17 2015. 14:33 IST