News: Samsung Engineering Co Ltd (028050.KS)
26 Dec 2014
SEOUL - Samsung Heavy Industries scrapped on Wednesday a $2.5 billion takeover of Samsung Engineering due to shareholder opposition, a setback for parent Samsung Group's restructuring plans ahead of a looming succession.
* Shares in both firms slump (Add fund manager comments, background, closing share prices)
* Won falls to fresh 14-mth low, BoJ meeting in focus * Shares fall as weak yen continues to weigh on exporters * Samsung Engineering, Heavy tumble as merger collapses By Joonhee Yu SEOUL, Nov 19 - The South Korean won fell to a fresh 14-month low on Wednesday, pressured by the yen slumping to a 7-year low against the dollar. The won was quoted at 1,103.2 to the dollar as of 0205 GMT, just off a session low of 1,104.6 which was the lowest level since Sept. 2, 2013
SEOUL, Nov 19 - Samsung Heavy Industries said on Wednesday it has decided to scrap a merger with Samsung Engineering because of the high costs of buying shares from shareholders who oppose the deal.
SEOUL - The merger of Samsung Heavy Industries and Samsung Engineering was approved by shareholders of both companies, a Samsung Heavy spokesman and Samsung Engineering spokeswoman said on Monday.
SEOUL, Oct 27 - The merger of Samsung Heavy Industries and Samsung Engineering was approved by shareholders of both companies, a Samsung Heavy spokesman and Samsung Engineering spokeswoman said on Monday.
SEOUL - Samsung Heavy Industries will absorb Samsung Engineering for about $2.5 billion, the latest step in a restructuring at South Korea's largest conglomerate that has accelerated since the controlling Lee family's patriarch was hospitalized in May.
* Samsung Group's latest move to consolidate related units
SEOUL, Sept 1 - Samsung Heavy Industries Co Ltd and Samsung Engineering Co Ltd decided to merge, the companies said in regulatory filings on Monday.