SEOUL, June 11 (Reuters) - U.S. activist hedge fund Elliott said on Thursday it had applied for an injunction to block Samsung C&T Corp’s sale of treasury shares to KCC Corp, escalating its battle against a key Samsung Group restructuring move.
Samsung C&T on Thursday said it would sell treasury shares equivalent to a 5.8 percent stake to existing shareholder KCC to secure support for an $8 billion merger with Cheil Industries Inc.
Elliott has opposed the merger, calling Cheil’s offer for Samsung C&T unfair. It is already seeking an injunction to block the merger.
Reporting by Se Young Lee; Editing by Miral Fahmy