Samsung Group's de facto holding company Samsung C&T will officially relaunch on Tuesday, about two months after it initiated a merger with another key affiliate, Cheil Industries.
 
A Samsung C&T official said Monday that the company has bought back around 670 billion won worth of stock from shareholders opposed to the deal, completing the legal procedures required to activate the merger.
 
After the launch ceremony on Tuesday, the new entity will convene a board of directors’ meeting on Wednesday to elect a new chairperson.
 
Samsung Group aims to foster Samsung C&T into a global leader in industries such as clothes, food, housing and recreation as well as biomedicine. The company hopes to reach annual revenue of 60 trillion won by 2020.