Paul Singer, founder, CEO, and co-chief investment officer for Elliott Management Corporation, speaks during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May, 9, 2012. REUTERS/Steve Marcus
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Samsung Electronics Co. shares jumped to a record high Thursday after activist investor Elliott Management submitted unsolicited proposals for a radical corporate makeover at the world's biggest smartphone maker.The approach Wednesday by Elliott, which owns 0.62 percent of Samsung Electronics, came as the tech giant faced fresh claims of problems with its flagship Note 7 smartphone, with a report that a handset began smoking inside a U.S. plane Wednesday. Samsung declined to comment on whether it was in direct contact with $27 billion fund Elliott on the latter's approach. Elliott Wednesday said its proposal would allow the Lee family to retain its control of Samsung Electronics and also simplify the group's ownership structure.It was not immediately clear whether Elliott had already begun communicating with other shareholders, but some investors backed the U.S. fund's push.Analysts said Elliott's proposals will likely lead to further pressure from offshore investors for the conglomerate to open up on its plans and make sure their interests are protected in any further restructuring of Samsung Electronics' top 20 shareholders, a total of 11 are international investors, according to Thomson Reuters data.
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