SEOUL: A South Korean court denied an injunction request by a US hedge fund trying to block builder Samsung C&T Corp from selling treasury shares to ally KCC Corp, clearing another hurdle for a proposed US$8bil (RM30.51bil) merger of Samsung Group firms.
The ruling comes ahead of a July 17 Samsung C&T shareholder vote on an all-stock takeover offer from Cheil Industries Inc, the de facto holding company of Samsung Group. The verdict allows chemicals and construction materials firm KCC, Cheil's second-biggest shareholder, to exercise voting rights for the treasury shares.