Receive Breaking News updates as they occur
Samsung Group announced on Tuesday the merger of two major affiliates, as the South Korean business giant accelerates restructuring efforts ahead of a generational power transfer within the founding Lee family. The all stock deal, approved by the boards of both companies would see Samsung's de facto holding company Cheil Industries -- which has interests from fashion to theme parks -- acquire general trade and construction affiliate Samsung C&T. The merger, which is expected to be completed by September pending shareholder approval, will see Cheil offer 0.35 new shares for each Samsung C&T share.
The death of blues guitar legend B.B. King this month will be investigated as a homicide, a Nevada coroner's office said. King died aged 89 on May 14 in Las Vegas, where he kept a residence. Two of King's daughters have reported concerns that his death may have been related to foul play, Las Vegas media reported.