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Samsung Electronics Co Ltd has refused to adopt a holding company structure at the moment, as it rejected calls from Elliott Management and postponed a long-anticipated restructuring. Investors expected the company to shift towards a new business operation strategy as the founding Lee family attempts to strengthen its control of the Samsung Group flagship.
Chief Executive Kwon Oh-hyun deflated investors' hopes and said that officials see challenges in restructuring the Samsung conglomerate, with an ongoing review revealing “adverse implications” to switching the structure. South Korea's biggest family-run conglomerate has been thrown into doubt due to the political scandal that has implicated Samsung Group leader Jay Y. Lee.
The company will continue its review and will report the results to shareholders when it has been completed, Kwon said. He signaled that the decision will not be imminent, saying that the firm will review “all of the options from multiple perspectives, including legal, tax and strategic aspects.”
The comments sent Samsung C&T Corp shares to tumble by more than seven percent in afternoon trade.
