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Samsung C&T shareholders have approved a $7.7 billion all-stock takeover offer from Samsung’s de facto holding company Cheil Industries on July 17.

One of South Korea’s most controversial mergers will see Samsung C&T taken over by holding company Cheil Industries, another part of the Samsung group.

The merger is strongly opposed by some of Samsung C&T’s shareholders, led by US hedge fund Elliott Associates.

For Samsung’s founding family, the move is a crucial step in consolidating control of the conglomerate.Samsung merger 2015

Shareholders in Cheil Industries approved the merger earlier on Friday.

Elliott Associates, which is the second largest single shareholder in C&T, says the takeover significantly undervalues the company’s stock.

The hedge fund had filed several unsuccessful law suits to stop the vote from going ahead.

The takeover is key to consolidating the Samsung founding family’s control of the multi-headed conglomerate.

It is of particular significance as it comes ahead of a generational power transfer at Samsung.

The business empire’s patriarch Lee Kun-hee has been in hospital since May 2014 and his son Lee Jae-yong is to take a bigger leadership role.

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Thomas Gilbert Sr., creator and chief investment officer of $200 million hedge fund Wainscott Capital Partners, has been shot dead in his flat in New York’s Manhattan, police say.

Thomas Gilbert, 70, had been involved in a domestic argument, media reported.

Police have arrested his son, a Princeton graduate, who allegedly executed the multimillionaire at the family’s Manhattan apartment on Sunday afternoon.

Thomas Gilbert Jr.. 30, barricaded himself in his luxurious Chelsea home for seven hours after Thomas Gilbert Sr. was killed with a single bullet.Thomas Gilbert Sr shot dead by son

At 10.30 PM, officers chopped down the door and arrested Thomas Gilbert Jr. without incident.

Thomas Gilbert Sr. was the founder and president of Wainscott Capital Partners, having started the fund in 2011.

His body was found at about 15:30 local time in a bedroom in the flat in Beekman Place, and that a gun had been recovered from the room.

“Right now, we’re looking to speak to his son, who was the last person to see him alive,” police spokesman Lt John Grimpel said, without identifying the son.

Wainscott Capital fund focuses on the biotech and health care industries.

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