Tech giant Samsung Electronics \u00a0said on Wednesday it has no plans to merge with affiliate Samsung SDS Co Ltd , in an attempt to quell speculation that such a deal is in the works to help Samsung Group’s succession process.<\/p>\n
“The management wants me to express clearly that we do not have a plan to merge with SDS,” Robert Yi, Samsung Electronics’ head of investor relations, said at a company event in Seoul.<\/p>\n
Samsung Group [SAGR.UL] has been restructuring its sprawling business empire over the past year to secure a stable transfer of control from the founding family patriarch Lee Kun-hee to his three children. The elder Lee remains hospitalized following a May 2014 heart attack, adding urgency to these efforts.<\/p>\n
Some investors and analysts have said Samsung Electronics and Samsung SDS, an IT services company, could merge soon. Such a deal would give Samsung Group heir apparent Jay Y. Lee and his sisters, major shareholders in SDS, shares in Samsung Electronics, the crown jewel of South Korea’s top conglomerate.<\/p>\n
“This announcement may not remove all the rumors and hearsayers in the market but I hope it conveys the management’s thoughts on this issue,” Yi said.<\/p>\n
Samsung’s de facto holding firm, Cheil Industries Inc, and Samsung C&T Corp\u00a0\u00a0announced in late-May an all-stock merger, putting stakes in key manufacturing and financial arms in a single vehicle under the Lee heirs’ control.<\/p>\n
Investors expect more group consolidation moves to be announced in the near term, though Samsung Group has not disclosed its restructuring plans.<\/p>\n
<\/p>\n
Source: \u00a0Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
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