Shareholders of Samsung C&T on Friday voted for the company’s merger with Cheil Industries, forecasting the establishment of a 60 trillion won ($59 billion) global enterprise by 2020.Samsung C&T is a construction-trade arm of Samsung Group while Cheil is the chemical, fashion and leisure fraction of Samsung. Cheil will acquire Samsung C&T by offering 0.35 new share in the new company for each share of C&T. However, the new company will be named Samsung C&T Corporation to “inherit Samsung’s found

삼성물산과 제일모직이 17일  각 각 임시 주주총회를 열어 양사 합병계약 승인 안건을 주주 결의에 부친다.삼성물산은 17일 오전 9시 서초구 양재동 aT센터 5층 대회의실에서 주주총회를 개최하고 제일모직은 같은 시각 중구 태평로 2가 삼성생명빌딩 1층 컨퍼런스홀에서 주주총회를 연다.삼성물산 공시에 따르면 이번 주총 결의사항은 ▲ 합병계약서 승인의 건 ▲  현 물배당을 할 수 있도록 하는 정관 개정의 건 ▲ 중간배당을 하도록 결의할 수 있는 근거를 두고 중간배당을 현물로도 할 수 있게 하는 정관 개정의 건 등 세 가지다. 합병계약 승인은 지난 5월26일 양사 이사회에서 합병계약을 체결함에 따라 이를 주총에서 승인받는 것이다.나머지 두 안건은 이번 합병에 반대하는 미국계 헤지펀드 엘리엇 매니지먼트(엘 리엇)가 주주제안을 함으로써 상정된 것이다.제일모직 주총에서는 합병계약 승인 외에 합병존속법인 이사 보수한도 승인, 감 사위원회 위원 선임 건이 안건으로 올라 있다.이번 합병이 통과되면 삼

Two key units of Samsung Group, South Korea's top conglomerate, are poised to hold crucial shareholder meetings Friday on their merger plan that has been strongly opposed by a U.S. hedge fund, which calls it a low-ball deal.Shareholders of Samsung C&T Corp., the construction arm of Samsung, are scheduled to meet Friday morning to cast their ballots on the 8.9 trillion won ($7.76 billion) all-stock takeover offer by Cheil Industries Inc., the group's de facto holding firm. Cheil Industries is als

Cheil Industries and Samsung C&T ― two key affiliates of Samsung Group ― announced Tuesday they would merge in September, aiming to become a 60 trillion won ($59 billion) global enterprise by 2020. Cheil Industries is the de facto holding company of Samsung Group, and Samsung C&T is the group’s construction and trading arm.“The merger will pave the way for us to become a leading company in people’s lifestyles ranging from fashion to food, housing and leisure, alongside bio-industry. It will also

The Shin-Wolsong nuclear power plant No. 2 will start operations in July as Samsung C&T has nearly finished its construction through cutting-edge technology and safety precautions.The company said that it oversaw the construction of the plant as well as its nuclear steam supply system. Officials added that the testing of the plant in April ended successfully.The new Shin-Wolsong plant has an improved light-water reactor that can produce 1 million kilowatt of electricity per hour. It also has enh

The nation's antitrust watchdog said Thursday it has slapped a combined 182.6 billion won (168.8 million) in fines on more than 20 construction companies for rigging bids for large-scale state projects.According to the Fair Trade Commission, 22 builders have been fined a combined 174.6 billion won for rigging the bidding process of 27 pipeline projects in 2009 and again in 2011, which prevented free and open competition.Violators include such builders as Hyundai E&C, Samsung C&T Corporation, Han

At a time of low economic growth, dividends are rising as a means to promote a smooth economic circulation among the public.As Korean corporations generate more profit every year, foreign investors often mention that they receive too low returns, while ordinary Korean citizens criticize the superrich for receiving too high.But this year, the Korean government implemented a policy to expand dividends, increasing corporations’ dividend overall.Samsung GroupThe new policy has done well for Samsung

Bulgaria’s competitive ICT and business process outsourcing sectors are waiting to be tapped by Korean companies, Bulgarian Ambassador to Korea Petar Andonov told The Korea Herald last week. At a time when Korea’s IT industry profits are dwindling amid a sagging economy, Bulgaria offers a blue ocean of well-educated workers and a business-friendly environment, particularly for small and medium-sized enterprises, Andonov said. “Korea’s strength in developing computer hardware and Bulgaria’s stren

Samsung C&T, the construction and trading arm of Samsung Group, said Friday that it had won an engineering, procurement and construction project to expand Singapore’s first liquefied natural gas terminal, located on Jurong Island.The company said it expected to complete the $542 million project, commissioned by Singapore LNG Corporation, a subsidiary of Singapore Energy Market Authority, by 2018. An image of the phase 3 expansion of Singapore’s LNG terminal on Jurong Island. (Samsung C&T)“We are

A number of conglomerate heads have been working for free. Samsung Group chairman Lee Kun-hee has not received wages since 2010, along with Hanwha chairman Kim Seung-youn, GS chairman Huh Chang-soo and SK chairman Chey Tae-won. But thanks to the jaw-dropping amount they get in dividends, these tycoons are able to live in luxury. Samsung’s Lee, for instance, bagged 68.8 billion won ($67.4 million) of dividends from his shares in Samsung Electronics in the fiscal year of 2013. Hyundai Motor Group

▲세계은행 산하 국제금융공사 (IFC) 국내 담합 연류 건설사 블랙리스트 등재 검토 중 　세계은행 산하 국제금융공사 (IFC)가 입찰 담합에 연류된 국내 건설사에 대한 금융지원 제재를 검토 중인 것으로 확인되었다. 국제금융공사는 개발도상국과 저개발국가에 투자한 민간 기업에 자금을 지원하는 국제금융기구이다. 대한건설협회에 따르면 최근 국제금융공사(IFC)는 공정위로부터 건설사 담합 합 판정을 받은 4대강, 대구지하철, 인천지하철, 경인 운하 사업 등에 연류된 건설사에게 담합 관련 정부나 법원의 최종처분 현황에 대해 소명 요청서를 발송했다. 입찰 담합에 참여한 건설사가 최종적으로 법원으로부터 과징금 내지 입찰 참가제한 처분 확정 판결을 받을 경우, 국제금융공사는 한국 업체들을 블랙리스트에 등재해 자금 지원을 원천 봉쇄할 가능성이 있다는 것이 업계 전문가들의 설명이다. 이 경우, 국내 건설사가 주 타깃으로 하는 개도국 혹은 저개발국가에서 프로젝트 수주 시 IFC를 통해 자금을 지원 받지

The International Finance Corporation, a private lending arm of the World Bank Group, may blacklist a number of Korean construction companies for fixing prices in bids for pork-barrel projects after reviewing builders defenses. “The IFC has asked the Korean builders to offer explanations on the recent announcement by the Korean government that they were found guilty of collusion,” said an official at the Construction Association of Korea.The IFC is one of the largest funding sources for major Ko

South Korean stocks fell 0.65 percent to below the 2,000-point mark Thursday as investors sat on the sidelines ahead of key policy decisions in Europe and U.S. economic data. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index, after being closed for the local elections on Wednesday, started on the minus side and settled at 1,995.48, down 13.08 points from the previous session. The reading below the psychologically important 2,000 mark was the first s

South Korean stocks finished 0.33 percent higher to reverse an earlier choppy session Tuesday as investor sentiment was buoyed on news of Samsung Everland’s plans to go public in the first quarter of next year. The South Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index finished at 2,008.56, up 6.56 points from Monday’s close after moving in a tight range. Trading volume was moderate at 241.84 million shares worth 4.49 trillion won ($4.38 billion), with dec

The nation appears to still be reeling after the staggering salaries received by executives at local conglomerates were revealed.The companies recently reported on the annual salaries paid to these executives based on laws calling for disclosure for those who are registered on the corporate board and receiving 500 million won ($481,000) or more.Most of the population seemed to think that these executives were getting paid too much. This is likely because most felt deprived vis-a-vis the hefty pa