Samsung wins out against activist fund Elliott

In the end, it was Korea Inc that finally came out on top in its battle with the activist US hedge fund.

The long-winding struggle between Elliott Management and Samsung drew to a close on Friday after the powerful Korean chaebol won a crucial shareholder vote for the merger of Samsung CT and Cheil Industries. However, its narrow win is also a warning to other South Korean conglomerates eyeing potential mergers on opportunistic terms.

Given the high-profile nature of the deal, 83.5% of Samsung CT shareholders turned up at the extraordinary general meeting, an usually high percentage. After weeks...