* Says it signed a 2.69 billion won contract with SK Holdings Co., Ltd, to provide semiconductor manufacturing equipments
SEOUL, Jan 23 (Reuters) - South Korea's LG Corp, the holding company of LG Group, said in a filing on Monday it agreed to sell a stake in silicon wafer producer LG Siltron Inc to SK Holdings Co for 620 billion won ($531.9 million).
Amazon (AMZN) launched Vehicles and was the subject of rumors about music streaming plans and retail stores and Alphabet's (GOOGL) Google Fiber was ordered to cut costs.
Alibaba Group Holding Limited (BABA) is expanding its cloud presence beyond its stronghold, China and is going about it quite aggressively.
In a bid to grab greater share in the thriving Internet of Things (''IoT'') market, premium wireless equipment company Ericsson (ERIC) introduced three solutions that will significantly bolster its end-to-end service capability.
* Says agrees to buy 49.1 percent of OCI Materials Co Ltd for 481.6 billion won
Ericsson (ERIC) is set to report its third-quarter 2015 results on Oct 23, 2015.
SEOUL, Aug 28 (Reuters) - South Korea's SK Holdings Co Ltd said on Friday it planned to buy 871.2 billion won ($743.74 million) worth of its own shares during trading.
In order to create a global collaborative ICT ecosystem, Ericsson (ERIC) inked a memorandum of understanding ("MoU") with SK Holdings C&C on Aug 12, 2015.
Investing has become almost borderless. Anyone with a terminal or a broker can buy stock on dozens of exchanges. But investors need to keep in mind that companies are nearly borderless, too. Multi-national corporations with operations all over the world can and do move their official corporate domiciles to whichever country will give them the best deal - the lowest taxes, the most lax disclosure rules, and protection of management from accountability to investors. The transaction may feel the same whether you are buying stock in US-based General Electric or South Korea-based Samsung C&T - until you find out that even the limited shareholder rights and protections we take for granted in the US do not exist in some other jurisdictions. An American investor is finding that a costly lesson right now. Hedge fund manager Elliott Associates, Samsung C&T's third-largest investor, is objecting to a proposed deal that diverts value from the outside shareholders to the insiders -- The Lee family, which runs Samsung under a system widespread in South Korea called chaebol, that sells stock to outsiders but keeps control in a small, related group. The deal Elliott objects to moves a valuable affiliate organization under the control of the family, drastically underpricing the purchase price at an enormous cost to the shareholders. As heir apparent Lee Jay-young (known as JY Lee) takes over the group from his father, Lee Kun-hee, the family is trying to consolidate control even more. JY was effectively given a controlling stake in Cheil, which functions as a quasi-holding company for the group, in a controversial transaction two decades ago. By taking over Samsung C&T in an all share deal, JY will have acquired C&T's 4.1% stake in Samsung Electronics at the expense of only a few percent of his holdings in Cheil, rather than the billions of dollars he would have to pay the shareholders in the open market. This transaction is legal in South Korea. But it is not fair. Both of the leading proxy advisors in the US have recommended that shareholders vote against it. Indeed it is so outrageous that South Korea's smaller retail investors have started an unprecedented campaign to stop the deal. At least 2,500 shareholders have pledged to vote against the merger at the July 17 shareholder meeting. Some even submitted a petition to the Korean District Court opposing the deal, following a similar suit filed last week by Elliott, complaining they are "left utterly dejected at the current situation where we have to stand by and watch our assets being stolen." Another South Korean deal that is disastrous for outside shareholders involves SK Holdings and SK C&C. It would leave the company's chairman - who is currently serving a jail sentence for embezzlement - as the largest shareholder of the combined entity. Indeed, the terms were so bad that National Pension Service (NPS), which has a substantial stake in SK Holdings but is generally unwilling to speak out against management, surprisingly announced that it opposed the deal. That was not sufficient to prevent it from going through. In yet another example, Hyundai recently purchased real estate in Seoul's wealthy Gangnam district for approximately $10 billion - three times its assessed value - apparently simply because the company's chairman demanded it. South Korea's own NPS, the fourth largest public pension fund in the world and Korea's largest investor, should take the lead in speaking out and voting against the chaebols. The government should look to best practices around the world and adopt laws with better protection for shareholders. If South Korean executives, boards, investors, and the government allow these abusive, self-dealing practices to continue, they will find themselves downgraded by the OECD and by investors. They will sharply increase their cost of capital and reduce their ability to compete in the global economy. The same investment capital that flows so easily across borders into the country can flow just as easily out, as investors will find a better return on investment in countries with better assurance of fair dealing with outside shareholders. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
SEOUL, June 24 (Reuters) - South Korea's National Pension Service will vote against a proposed merger of SK C&C Co Ltd and its affiliate SK Holdings Co Ltd, the country's health ministry said on Wednesday, saying the deal could hurt SK Holdings' shareholder value.
SEOUL, March 4 (Reuters) - SK Holdings Chairman Chey Tae-won is stepping down from all directorships and executive positions in SK affiliates, SK said on Tuesday.
SEOUL, Feb 27 (Reuters) - South Korea's supreme court confirmed a four-year prison sentence imposed on SK Holdings Chairman Chey Tae-won for embezzlement on Thursday in what is one of the longest confirmed prison terms for a business leader in the country.
Countering comments made by SK Hynix (HXSCL.OB) yesterday, Wedge Partners says the fire that broke out at Hynix's Chinese memory fab will cause at least a 2-month production delay, and that Hynix has suspended price negotiations with clients. The remarks come as DRAM spot prices jump 20% on account of the fire, and reports emerge several top memory manufacturers have joined Hynix in putting shipments on hold. There could be major downstream ramifications: TrendForce thinks 11M notebook shipments and 10M smartphone shipments will be affected within a month if "main production procedures are halted." The firm estimates it will take 6 months for all of the damage to be fixed. Prior to the fire, DRAM and NAND prices had been slumping this summer after rallying earlier this year. Micron (MU +3%) and SanDisk (SNDK +1.9%) are adding to yesterday's gains. DRAM/NAND giant Samsung (SSNLF.PK, SSNGY.OB) rose 1.9% overnight in Seoul, while Hynix fell 1.8%. 1 comment!
Консорциум во главе с IDS-BUD S.A. (Польша), включающий также корпорацию ALTIS-Holding (Украина), Vahostav - SK a.s. (Словакия), Vahostav – PL sp. z o.o. (Польша) и PSJ Hydrotranzit a.s. (Словакия), победил в тендере на строительство первой очереди нефтяного терминала в польском Гданське за 415 млн злотых (около $127,12 млн). Об этом говорится на сайте PERN Przyjazn. Подробнее читайте на нашем сайте www.oilru.com
SEOUL, March 22 (Reuters) - The jailed chairman of South Korea's SK Holdings Co Ltd was re-elected to the board of its major shareholder on Friday in defiance of the state pension fund, which aims to clean up corporate governance in Asia's fourth largest economy.