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Cheil Industries shares fall sharply on profit-taking
June 8, 2015 / 5:37 AM / 2 years ago

Cheil Industries shares fall sharply on profit-taking

SEOUL, June 8 (Reuters) - Shares of Cheil Industries Inc fell sharply on Monday, on target for the biggest daily percentage drop in a month as some investors took profit from recent gains following the announced takeover bid for Samsung C&T Corp.

Cheil shares fell as much as 5.1 percent in afternoon trade, on track for its biggest daily percentage decline since May 7. The stock rose 21 percent in May and by another 2.6 percent last week after the takeover offer was announced.

Samsung C&T shares were also down by more than 3 percent on similar profit-taking pressures. The stock had risen nearly 21 percent from Wednesday’s close to Friday’s after a major investor publicly opposed Cheil’s offer, sparking hopes for improved terms. (Reporting by Yeawon Choi; Editing by Prateek Chatterjee)

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