SEOUL (Reuters) - Dutch pension fund APG Asset Management, an investor in South Korea’s Samsung Electronics Co Ltd, is positive about proposals submitted by U.S. hedge fund Elliott Management to restructure the tech giant, a director said on Thursday.
“Their (Elliott‘s) demands would help raise the corporate value of Samsung Electronics,” Park Yoo-kyung, a Hong Kong-based director specializing in corporate governance at APG Asset Management, told Reuters.
“Elliott is not making excessive demands. What they are saying is in line with common sense,” Park said.
Activist investor Elliott sent a letter to the world’s No. 1 smartphone maker on Wednesday, spelling out changes that include setting up a holding vehicle for Samsung Electronics and listing its operating company on the Nasdaq stock exchange. Elliott owns 0.62 percent of Samsung Electronics’ shares. [L3N1CC055]
Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell