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08-05-2018 05:23:38

SEOUL Nike Air Max 270 Blue Sale , July 17 (Xinhua) -- Two major affiliates of Samsung Group, South Korea's largest family-run conglomerate, successfully merged Friday despite a U.S. hedge fund's opposition, paving a way for management succession from Chairman Lee Kun-hee to his only son Jae-yong.

Cheil Industries and Samsung C&T convened their respective shareholders' meetings to win approval for a merger plan between the affiliates. Cheil shareholders unanimously approved the all- stock deal, and more than two-thirds of C&T shareholders voted in favor of the merger.

The two Samsung units announced the takeover plan on May 26 of Samsung C&T by Cheil Industries Nike Air Max 270 Black Sale , the group's de-facto holding company controlled by Samsung Electronics Vice Chairman Jae-yong, heir apparent to Chairman Lee.

The 8.9 trillion won (7.8 billion U.S. dollars) of all-stock deal hit a snag as U.S.-based hedge fund Elliot Associates, the third-largest shareholder of Samsung C&T, expressed opposition citing the undervaluation of the construction and trade unit. The merger ratio was 0.35 Cheil shares for each C&T share.

Elliot with a 7.12 percent stake in Samsung C&T filed two lawsuits, including one seeking to block the convening of the shareholders' meeting and the other to stop C&T from selling 8.99 million treasury shares Nike Air Max 270 White Sale , or 5.76 percent stake, to its friendly shareholder KCC Corp.

Courts ruled in favor of Samsung in the two suits, and the appeals courts dismissed Elliot's request in both cases.

Samsung C&T garnered approval from 69.53 percent of shareholders, who attended the shareholders' meeting or delegated their voting rights. The participation rate was 83.57 percent of the total outstanding shares, indicating a 58.91 percent approval from the combined shareholders.

Samsung C&T made all-out efforts to gain approval as the successful merger facilitates the founding Lee family's power transfer from Chairman Lee Nike Air Max 270 Sale , who has been bedridden since May last year after heart attack, to his only son Jae-yong.

The construction unit put ads in decades of newspapers, broadcasters and Internet news outlets to gain support from individual shareholders, which had a combined 24.33 percent stake in C&T. The unit is important as it has a 4.1 percent stake in the group's crown jewel Samsung Electronics.

The merger would solidify junior Lee's grip on power as a new entity, set to be launched on Sept. 1 Air Max 270 Teal Sale , will serve as the group's de-facto holding company. The new entity will use the name of Samsung C&T, in which Jae-yong will have a 16.5 percent stake. His two younger sisters will have a 5.5 percent stake respectively.

The launch of the new holding company is expected to simplify a complex web of the group's cross shareholdings. Cheil Industries, in which Jae-yong was the largest shareholder, has controlled Samsung Life Insurance that had a large stake in Samsung Electronics controlling two major affiliates.

The two affiliates have controlled Samsung C&T, which had a large stake in Samsung Electronics. Such complexity would be simplified to a structure of the new Samsung C&T that would directly control Samsung Electronics and Samsung Life Insurance. Samsung Group launched the father-to-son management succession in mid-2013 by merging Air Max 270 Colorways Sale , breaking out and listing some the group's affiliates.

Ben Johnson of Canada (L) leads Calvin Smith of the U.S. (2nd L), Linford Christie of Britain (2nd R) and Carl Lewis of the U.S. (R) across the finish line to win the men's 100 meters sprint final at the Olympics in Seoul, South Korea, September 24, 1988. (Photo: Agencies)

If anti-doping regulations had been strictly enforced Air Max 270 Blue Sale , Calvin Smith, a gifted American sprinter with a distinctive upright style, would have left the 1988 Seoul Games as the Olympic 100 meters champion and world-record holder.

On the day that changed the face of the Olympics and his sport forever, Smith finished fourth behind Ben Johnson, Carl Lewis and Linford Christie. Today he is the only man among the first five finishers in Seoul untouched by a drugs scandal.

"I should have been the gold medalist Air Max 270 Black Sale ," Smith has said of a race that has been variously described as the dirtiest and most corrupt in history.

"Throughout the last five or 10 years of my career, I knew I was being denied the chance to show that I was the best clean runner," he told journalists. "I knew I was competing against athletes who were on drugs."

Canadian Johnson was infamously hustled out of Seoul after testing positive for the steroid stanozolol following his victory in a world-record 9.79 seconds.

Lewis, who clocked 9.92 seconds, was promoted to the gold medal ahead of Britain's Christie who then took the silver in front of Smith. Lewis's time was eventually recognized as the official world record when Johnson's mark of 9.83 seconds Air Max 270 White Sale , set at the 1987 Rome world championships, was also erased.

Johnson's time in Rome was an astonishing tenth of a second faster than Smith's then world record of 9.93 seconds set at altitude in 1983. Smith won consecutive world 200 meters titles but never a global 100 gold.

In the popular mythology of the time Lewis, a glorious sprinter and long jumper who won four gold medals at the 1984 Los Angeles Olympics, was the clean-cut hero and Johnson a scowling villain.

It was an image Lewis was keen to foster.

"In the old Westerns they had the guy in the white hat and the black hat," Lewis said years later. "I felt like the clean guy going out and trying to win Air Max 270 Sale , I was the guy in the white hat, trying to beat this evil guy."

Not everybody warmed to Lewis and his incessant self-promotion coupled with a holier-than-thou attitude to drugs offenders. The skeptics felt vindicated when it was revealed in 2003 that Lewis had failed three drugs tests for stimulants during the 1988 Olympic trials.

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