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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 two companies are both listed on the Seoul stock market, with Cheil valued at 22 trillion won (US$2 billion) and Samsung C&T 8.6 trillion won as of Tuesday morning.
WASHINGTON (AP) — Cleveland has reached a settlement with the Department of Justice over a pattern of excessive force and civil rights violations by its police department, and it could be announced as soon as Tuesday, a senior federal law enforcement official said.
Thirty-eight people were killed in a fire at a home for senior citizens in China's central Henan province, state media said, the latest disaster in a country with a poor record on work safety. The fire broke out late on Monday at the "privately-owned Kangleyuan rest home in Lushan county", the official Xinhua news agency said on Tuesday, citing local authorities. The cause of the fire, which injured another six people, was unclear, Xinhua said.
PORTSMOUTH, N.H. (AP) — For Democrats who had hoped to lure Massachusetts Sen. Elizabeth Warren into a presidential campaign, independent Sen. Bernie Sanders might be the next best thing.
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