Samsung Heavy Industries has decided to cancel the merger with Samsung Engineering due to opposition from shareholders, according to a regulatory filing published in Korean on Wednesday.
The FT's Jung-a Song in Seoul writes: “It said the amount of stock buying requested from shareholders opposing the deal exceeded the ceiling agreed in the deal. The company also said the decision to cancel the merger was made to protect shareholder value.”
Three months ago the companies said Samsung Engineering would merge into Samsung Heavy to enhance its offshore business, via a stock swap originally slated for December.
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