Samsung Electronics investor Henderson says it backs Elliott restructuring proposals
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SINGAPORE (Reuters) - A minority investor in Samsung Electronics Co Ltd said on Thursday it supports proposals submitted by U.S. hedge fund Elliott Management for restructuring the South Korean technology giant to improve shareholder value.
"We are supportive of restructuring and a higher dividend payout to unlock the value in the business (of Samsung) as long-term shareholders," Andrew Gillan, head of Asia ex-Japan at Henderson Global Investors, told Reuters in an email.
Elliott sent a letter to the world's No. 1 smartphone maker on Wednesday, spelling out changes that include setting up a holding vehicle for Samsung Electronics and listing its operating company on the Nasdaq stock exchange. [L3N1CC055]
"We are aligned with Elliott and all other minority shareholders in wishing to unlock the value in the company but have not had any specific contact with Elliott," Gillan said in the email.
Henderson owns 0.12 percent of Samsung Electronics, according to Thomson Reuters data.
(Reporting by Nichola Saminather; Writing by Miyoung Kim; Editing by Kenneth Maxwell)
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