Texas Teacher Retirement System plans to votes against the proposed merger of Samsung C&T Corp. with Cheil Industries Inc., according to the Austin-based pension fund's proxy-voting disclosure.
The $132.4 billion retirement system joins other big pension funds — the $193.1 billion California State Teachers' Retirement System, West Sacramento; $181.4 billion Florida State Board of Administration, Tallahassee; and C$238.8 billion ($187 billion) Canada Pension Plan Investment Board, Toronto — voting to oppose the proposed combination.
A Samsung C&T statement about the proposed merger calls it an acquisition by Cheil. Last year, Cheil Industries changed its name from Samsung Everland Inc. and launched an initial public offering. The new combined company would retain the name Samsung C&T Corp.
The Samsung C&T meeting is Friday.