SK Group overcame opposition from Korea’s biggest institutional investor by winning a vote to push through a controversial merger of two units.
Investors at SK Holdings and SK C&C approved a plan for the affiliates to merge at their respective shareholders meetings on Friday, officials at both companies said. The National Pension Service, which manages more than $400 billion in assets, made the rare move this week of opposing the deal on grounds it would undermine minority investors.
The result paves the way for billionaire Chey Tae-won to solidify his family’s control over the country’s third-largest conglomerate. The Chey family’s victory also comes less than a month before Korea’s biggest business empire, Samsung Group, faces a proxy fight against a US activist’s fund to pursue a similar deal.
Full content: The Korea Herald
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