Lee Family Said to Be Seller of $2 Billion in Samsung Shares
- Samsung group stocks fall after blocks offered at discounts
- Deal ‘well-flagged’ but timing could have been better: analyst
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The Lee family behind the Samsung conglomerate were the sellers of about $2 billion of shares in four Seoul-listed companies, according to people familiar with the matter. Shares of all four fell in early trading in Seoul on Thursday.
Nearly 30 million shares of Samsung Electronics Co. — the biggest of the four blocks — were sold at a discount of 1.2% to Wednesday’s closing price of 73,600 won to raise 2.17 trillion won, according to terms of the deal. That makes it the largest Korean block sale since 2002, based on the amount in local currency, according to data compiled by Bloomberg.