U.S. hedge fund Elliott Associates said on Thursday it had asked Samsung C&T to buy back part of its stake in the South Korean construction firm, after failing to block its merger with another Samsung affiliate. All Samsung C&T shareholders who opposed the company's takeover by the Samsung Group's de facto holding company, Cheil Industries, were given the right to sell back any shares held before the merger was first announced in May. A press statement by the hedge fund, which had spearheaded an ultimately unsuccessful investor revolt against the deal, said the decision to sell was "consistent with Elliott's view that the proposed takeover is unfair and unlawful." The statement did not specify how many shares Elliott was selling back.The activist fund's stake in Samsung C&T was below the 5 percent disclosure level at the time the merger was announced, but grew to 7.1 percent afterwards.
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