That Rattling? It’s Elliott at Korea’s Gates
The world’s largest chipmaker must get serious about corporate governance.
Photographer: Jung Yeon-Je/Getty Images
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It’s taken a little while but the barbarians have finally arrived at South Korea’s gates, and companies are scrambling.
Affiliates of Samsung Electronics Co., the world’s largest chipmaker, intend to sell a stake worth about $1 billion in the company’s de facto holding firm, Samsung C&T Corp., the Wall Street Journal reported, citing people familiar with the matter. The boards of the two affiliates – Samsung Electro-Mechanics Co. and Samsung Fire & Marine Insurance Co. – still need to vote on the transactions.