Samsung′s de facto holding company C＆T kicks off after merger ′사실상 지주회사′ 삼성물산，
A new－look Samsung C＆T started operations on this Tuesday as the de facto holding company of Samsung Group Korea′s biggest conglomerate.
Samsung says the merger that formed the new company adds to the group′s synergy，... but many see it as a way for Samsung′s heir apparent to solidify his grip on the business group.
Song Ji－sun has the details.
Samsung Group′s construction arm Samsung C＆T opens a new chapter in its history this week after its recent merger with Samsung′s fashion affiliate Cheil Industries.
With a market capitalization of 23 billion U.S. dollars，... Samsung C＆T becomes the fourth－biggest entity on the local bourse... after Samsung Electronics， Hyundai Motor and Korea Electric Power Corporation.
After a matter of months Cheil Industries went public，... Samsung C＆T won approval by 70 percent of the shareholders to merge with Cheil Industries in mid－July.
Lee Jae－yong，... the only son of the group′s ailing patriarch Lee Kun－hee， is the biggest winner from the merger.
He immediately acquires a 16－percent stake in the new de facto holding company.
The group has also simplified its complex web of cross－shareholding through the restructuring... and saved billions of dollars in inheritance taxes in the process.
Of course， it wasn′t all smooth sailing as the company was locked in a two－month－long legal battle with U.S.－based Elliott Associates， who sought to block the move， claiming the terms of the merger did not match the value of the shares.
Samsung C＆T hopes to achieve annual growth of ten percent with the synergy stemming from the merger... to hit 55 billion dollars in revenue by 2020.
Its ambitious goal is to foster the bio sector as a new growth engine for the group.
For the time being， the new holdings firm will be headed by four chief executives from the two units in charge of each division construction， trading， fashion and resorts.
A new chairperson will be elected on Wednesday.
Song Ji－sun， Arirang News.