Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Details of Agreement and Plan of Merger Between Samsung Electronics America and Harman International Industries<table class="table table-striped"><tbody>
<tr>
<td>Item</td>
<td>Detail</td>
</tr>
<tr>
<td>New Share Issuing Company</td>
<td>Harman International Industries, Incorporated</td>
</tr>
<tr>
<td>CEO</td>
<td>Dinesh Paliwal</td>
</tr>
<tr>
<td>Capital</td>
<td>₩1.64tril</td>
</tr>
<tr>
<td>Number of New Shares To Be Issued</td>
<td>101,157,320</td>
</tr>
<tr>
<td>Acquisition Amount</td>
<td>₩9.34tril (US$112 Per Share)</td>
</tr>
<tr>
<td>Stake %</td>
<td>100%</td>
</tr>
<tr>
<td>Acquisition Type</td>
<td>All Cash</td>
</tr>
<tr>
<td>Put/Call Option</td>
<td>N/A</td>
</tr>
</tbody></table><ul><li>Samsung Electronics America, Inc. ("SEA") will acquire 100% stake in Harman International through a merger of SEA's newly-established…</li></ul>

Details of Agreement and Plan of Merger Between Samsung Electronics America and Harman International Industries

Item
Detail


New Share Issuing Company
Harman International Industries, Incorporated


CEO
Dinesh Paliwal


Capital
₩1.64tril


Number of New Shares To Be Issued
101,157,320


Acquisition Amount
₩9.34tril (US$112 Per Share)


Stake %
100%


Acquisition Type
All Cash


Put/Call Option
N/A

Samsung Electronics America, Inc. ("SEA") will acquire 100% stake in Harman International through a merger of SEA's newly-established…

Details of Samsung-Harman Merger Agreement

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul><li>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </li><li>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</li><li>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Samsung Electronics acquired Harman for US$8bil (₩9.4tril). This is the biggest M&amp;A deal by any Korean corporation. Harman is clearly the front-runner in the automotive electronic component market. Harman has annual sales of US$7bil with operating profits of US$700mil. About 65% of its sales are generated from the automotive electronic component business, which includes connected car info-tainment, telematics, car security system and OTA (over the air) solutions.Why Harman instead of Magneti…

Samsung Electronics acquired Harman for US$8bil (₩9.4tril). This is the biggest M&amp;A deal by any Korean corporation. Harman is clearly the front-runner in the automotive electronic component market. Harman has annual sales of US$7bil with operating profits of US$700mil. About 65% of its sales are generated from the automotive electronic component business, which includes connected car info-tainment, telematics, car security system and OTA (over the air) solutions.Why Harman instead of Magneti…

Samsung's Harman Acquisition - Why Harman & What Impact on Samsung Restructuring

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Summary</h2><ul>
<li>
Raising the import tariffs on technology products: The new Trump government might raise the import tariffs on technology products to stop China dump their products. This should lead the part of the Apple assembly business back to the US. US solar and electric/self-driving automotive industry will be protected.  Consumers will see the cost increase of buying imported technology products, but the action might also drive China's counter-tariff trade war against the US in future. 
</li>
<li>
Cut taxes to…</li>
</ul>

Summary

Raising the import tariffs on technology products: The new Trump government might raise the import tariffs on technology products to stop China dump their products. This should lead the part of the Apple assembly business back to the US. US solar and electric/self-driving automotive industry will be protected.  Consumers will see the cost increase of buying imported technology products, but the action might also drive China's counter-tariff trade war against the US in future. 


Cut taxes to…


How Will Trump Shape up the Global Technology Industry in Next Four Years?

Korea's Fair Trade Commission official (Kim Jung-ki) has officially said last week (Nov 1) that FTC would submit an amendment to the current fair trade act to the National Assembly by end of this year. This amendment is designed to allow Korea's business conglomerates (often called "chaebols") to own financial subsidiaries even after they convert their corporate governance structure to a holding company system. The FTC had previously (twice) attempted to persuade the National Assembly to pass this amendment, but to no avail. This is the FTC's third attempt to legalize this amendment allowing the likes of Samsung and Hyundai to own their respective financial subsidiaries even under a holding company system.

Korea's Fair Trade Commission official (Kim Jung-ki) has officially said last week (Nov 1) that FTC would submit an amendment to the current fair trade act to the National Assembly by end of this year. This amendment is designed to allow Korea's business conglomerates (often called "chaebols") to own financial subsidiaries even after they convert their corporate governance structure to a holding company system. The FTC had previously (twice) attempted to persuade the National Assembly to pass this amendment, but to no avail. This is the FTC's third attempt to legalize this amendment allowing the likes of Samsung and Hyundai to own their respective financial subsidiaries even under a holding company system.

Samsung's Top & Backup Options for Restructuring - Prediction on Its Response to Elliott

South Korea

Samsung SDS Co., Ltd. provides information technology services, such as consulting and technical services. The Company also offers outsourcing services including application outsourcing, IT infrastructure outsourcing, and cloud computing.

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Samsung Sds (018260 KS)

Details of Samsung-Harman Merger Agreement

Details of Agreement and Plan of Merger Between Samsung Electronics America and Harman International Industries Samsung Electronics America, Inc....

Sanghyun Park

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Samsung's Harman Acquisition - Why Harman & What Impact on Samsung Restructuring

Samsung Electronics acquired Harman for US$8bil (₩9.4tril). This is the biggest M&A deal by any Korean corporation. Harman is clearly the...

Sanghyun Park

How Will Trump Shape up the Global Technology Industry in Next Four Years?

Summary Raising the import tariffs on technology products: The new Trump government might raise the import tariffs on technology products to stop...

Andrew Lu

Samsung's Top & Backup Options for Restructuring - Prediction on Its Response to Elliott

Korea's Fair Trade Commission official (Kim Jung-ki) has officially said last week (Nov 1) that FTC would submit an amendment to the current fair...

Sanghyun Park

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