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U.S. fund Elliott takes stake in Samsung C&T shareholder Samsung Fire & Marine
July 6, 2015 / 12:44 AM / 2 years ago

U.S. fund Elliott takes stake in Samsung C&T shareholder Samsung Fire & Marine

SEOUL, July 6 (Reuters) - U.S. hedge fund Elliott Associates has bought shares in Samsung Fire & Marine Insurance Co Ltd , a spokeswoman for the Samsung unit said on Monday.

The spokeswoman could not confirm the size of the stake.

Elliott recently bought 1 percent stakes in both Samsung Fire & Marine and Samsung SDI Co Ltd for a combined sum of about 200 billion won ($178 million), South Korean newspaper the Chosun Ilbo reported earlier on Monday, citing unnamed industry and investment banking sources.

Samsung Fire & Marine and SDI are both shareholders of Samsung C&T Corp. Elliott, a C&T shareholder, has been battling to block a proposed $8 billion merger of Samsung C&T and affiliate Cheil Industries Inc.

Samsung SDI and Elliott declined to comment. ($1 = 1,126.2000 won) (Reporting by Joyce Lee; Editing by Edmund Klamann)

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