The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Disgraced ex-minister's daughter says she feels proud, qualified as a doctor

  • 3

    Ex-gov't employee summarily indicted for alleged attempt to sell Jungkook's lost hat

  • 5

    Coupang reveals Asia's largest fulfillment center in Daegu

  • 7

    Seoul city zeroes in on foreign residents' unpaid taxes

  • 9

    Korean Peninsula may face fallout from balloon saga

  • 11

    SM founder Lee Soo-man returns home, in hospital to treat arm fracture

  • 13

    Rescuers race against time as Turkey-Syria quake death toll passes 5,000

  • 15

    Apple confirms launch of Apple Pay in Korea

  • 17

    INTERVIEW'Korea, US can create synergy in space industry': NASA ambassador

  • 19

    South Korea steps up efforts to resolve issue of aging separated families

  • 2

    Singer Lee Seung-gi to marry actor Lee Da-in in April

  • 4

    SM in internal feud over founder's exit from producing

  • 6

    Tiger endures 3 years of solitary confinement in closed zoo

  • 8

    'Celebrity forests' emerge as new K-pop trend in Seoul

  • 10

    Netflix survival show 'Physical 100' attracts viewers with sweat, muscle and human story

  • 12

    Peak Time: Survival show for lesser-known K-pop boy bands to hit air

  • 14

    Ex-justice minister, daughter blamed for unrepentant attitude over academic fraud

  • 16

    PHOTOSTurkey-Syria earthquake

  • 18

    K-pop stars and dating

  • 20

    Seoul narrows in on new slogan

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Thu, February 9, 2023 | 20:51
Economy
NPS decides on Samsung merger
국민연금, 오후 3시 투자위 개최… '삼성합병안' 논의
Posted : 2015-07-10 16:54
Updated : 2015-07-10 22:20
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Employees of the National Pension Service are seen in the lobby of the company headquarters in southern Seoul, Friday. / Yonhap
Employees of the National Pension Service are seen in the lobby of the company headquarters in southern Seoul, Friday. / Yonhap

By Choi Kyong-ae


The National Pension Service (NPS) made a decision Friday on whether it will vote for the merger between Samsung C&T and Cheil Industries at a shareholders' meeting, July 17.

However, the state pension fund, the largest single shareholder of Samsung C&T, fell short of revealing details of its decision.

"We have made a decision but we cannot make it public until the shareholders meeting is over," an NPS spokeswoman said without elaborating.

The state fund has compelling reasons to support the planned merger despite U.S. hedge fund Elliott Associate's campaign to overturn the move, a member of the fund's nine outside advisors said before the decision was made.

"The NPS has to cast a vote to pass the merger. If the merger collapses, major companies that represent Korea may fall prey to vulture funds and may not make investments as they will focus on protecting their management rights," said Oh Jeong-geun, a professor of the Department of Finance at the Graduate School of Information and Telecommunications at Konkuk University.

He made the remarks during an interview with Yonhap News Agency. He said a lack of investment may result in a depression in Asia's fourth-biggest economy.

The merger swap ratio of 1 share of Cheil Industries to 0.35 of a share of C&T is acceptable given that Cheil has leisure, fashion and biotechnology businesses that have growth opportunities, but C&T's construction business looks murky, Oh said.

NPS has a stake of 11.61 percent in Samsung C&T and holds a casting vote. Elliott is the third largest with a 7.12 percent stake.

Meanwhile, Samsung C&T reiterated it will continue to drum up support from C&T shareholders in the days leading up to July 17 by explaining the benefits and opportunities which will arise from the merger.

As part of joint efforts to strengthen shareholder value after the merger, Samsung C&T and Cheil will form a six-member Governance Committee, including three outside experts, and regularly meet shareholders to brief them on performance and plans, and seek opinions, Samsung C&T said in a statement, Friday.

"The merged entity will spend up to 0.5 percent of its operating profit for social contribution activities," a Samsung C&T spokesman said. Samsung C&T earned 652.36 billion won in operating profit for the whole of 2014.

After a Seoul court rejected Elliott's two injunction requests against Cheil's "unfair takeover proposal," the U.S. fund has urged Samsung C&T shareholders to vote against it as the move is not in the best interest of the shareholders.

Elliott said Wednesday Cheil is not an obvious good merger partner and the benefits of such a merger are highly questionable. It added that Samsung C&T's case for the merger with "blue-sky" forecasts for revenue, profitability growth and claimed synergy are speculative and unsupportive.

"We expect that the NPS -- entrusted with the hard-­earned capital of ordinary Koreans -- will choose to make the proper financial decision to oppose these wholly unfair takeover proposals," Elliott said in a statement released Friday.


국민연금, 오후 3시 투자위 개최… '삼성합병안' 논의

국민연금이 삼성물산과 제일모직 합병의 분수령이 될 내부 투자위원회를 10일 오후 개최할 예정이다.  

금융권 등에 따르면 국민연금 기금운용본부는 이날 오후 3시 투자위원회를 개최해 삼성물산과 제일모직 합병안에 대한 찬반을 본부 내부에서 결정할지, 외부의 의결권행사 전문위원회로 넘길지 판단할 예정이다.  

국민연금은 삼성물산의 주식 11.61%를 보유한 최대주주로, 양사의 합병안에 대해 캐스팅 보트를 쥐고 있다. 

내부 투자위원회에는 홍완선 기금운용본부장을 비롯한 국민연금 내부인사 12명이 참석한다.  

만약 합병안 찬반을 의결권행사 전문위원회에 맡기기로 할 경우 이 위원회는 17일로 예정된 삼성물산의 주주총회를 1∼2일 앞둔 15일이나 16일 개최될 것으로 보인다.  

의결권행사 전문위원회에는 정부, 사용자단체, 근로자단체, 지역가입자단체, 연구기관 등이 추천한 외부 인사들이 참여한다.  

전문위원회는 최근 1년간 합병·영업양수 안건 3건 모두에 대해 반대를 결정해 같은 기간 14건 중 3건에 대해서만 반대 또는 기권을 결정한 투자위원회에 비해 엄격한 잣대를 적용했다. (연합뉴스)
Emailcka@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Korean Peninsula may face fallout from balloon saga Korean Peninsula may face fallout from balloon saga
2[PHOTOS] Turkey-Syria earthquake PHOTOSTurkey-Syria earthquake
3Daughter-centered photos, title of honor reinforce speculation over North Korea succession Daughter-centered photos, title of honor reinforce speculation over North Korea succession
4SM's management dispute to benefit KakaoSM's management dispute to benefit Kakao
5[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund' INTERVIEW'Growth slowdown can accelerate depletion of retirement pension fund'
6National Assembly votes to impeach interior minister for Itaewon tragedy National Assembly votes to impeach interior minister for Itaewon tragedy
7Key real estate owned by McDonald's Korea excluded from sale Key real estate owned by McDonald's Korea excluded from sale
8Philip Morris seeks to surpass KT&G in e-cigarette market Philip Morris seeks to surpass KT&G in e-cigarette market
9SM6 Feel attracts customers with popular options, low price SM6 Feel attracts customers with popular options, low price
10Korean companies move to support victims in earthquake-hit Turkey, Syria Korean companies move to support victims in earthquake-hit Turkey, Syria
Top 5 Entertainment News
1SM in internal feud over founder's exit from producing SM in internal feud over founder's exit from producing
2Peak Time: Survival show for lesser-known K-pop boy bands to hit air Peak Time: Survival show for lesser-known K-pop boy bands to hit air
3K-pop stars and dating K-pop stars and dating
4Investigation into Yoo Ah-in's alleged drug use likely to affect release of his films, series Investigation into Yoo Ah-in's alleged drug use likely to affect release of his films, series
5Kim Ok-vin, Yoo Teo show enemies-to-lovers dynamic in 'Love to Hate You' Kim Ok-vin, Yoo Teo show enemies-to-lovers dynamic in 'Love to Hate You'
DARKROOM
  • [PHOTOS] Turkey-Syria earthquake

    [PHOTOS] Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group