Pursuits
Elliott Seeks Injunction to Stop Merger by Samsung’s Lees
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Elliott Associates LP is taking legal action to stop Cheil Industries Inc. from completing a bid for Samsung C&T Corp., creating a new obstacle in the Lee family’s efforts to boost control of South Korea’s biggest conglomerate.
The hedge fund controlled by Paul Elliott Singer will start proceedings for an injunction to stop the deal, according to an e-mailed statement Tuesday. Elliott is lobbying other investors to oppose the takeover and urging Samsung C&T to use assets to pay dividends.