Canadian pension fund says voting Samsung C&T shares against merger

Wed Jul 8, 2015 1:44am EDT
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SEOUL, July 8 (Reuters) - The Canada Pension Plan Investment Board, which holds a small stake in South Korean builder Samsung C&T Corp, said it was voting against the $8 billion all-stock takeover offer by Cheil Industries Inc.

The pension fund, which disclosed its vote intention on its website, did not elaborate. Thomson Reuters data shows that the board holds a 0.14 percent stake in Samsung C&T, whose proposed merger with Cheil Industries has been opposed by U.S. hedge fund Elliott Associates.

The Canada Pension Plan Investment Board also holds a stake in Cheil Industries, which it intends to vote in favour of the deal, according to its website. (Reporting by Se Young Lee; Editing by Tony Munroe and Stephen Coates)