Elliott says view on Samsung not diminished despite Note 7 issues

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  • An advertisement of Samsung Galaxy Note 7 is seen at a mobile phone shop in Hanoi, Vietnam October 12, 2016. REUTERS/Kham

    An advertisement of Samsung Galaxy Note 7 is seen at a mobile phone shop in Hanoi, Vietnam October 12, 2016. REUTERS/Kham (Copyright Reuters 2016)

  • A man holds his mobile phone Samsung Galaxy Note 7 at a mobile phone shop in Hanoi, Vietnam October 12, 2016. REUTERS/Kham

    A man holds his mobile phone Samsung Galaxy Note 7 at a mobile phone shop in Hanoi, Vietnam October 12, 2016. REUTERS/Kham (Copyright Reuters 2016)

  • Sales promotion staff stand in front of a Galaxy Note 7 advertisement at a Samsung store in Jakarta, Indonesia, October 11, 2016. REUTERS/Beawiharta

    Sales promotion staff stand in front of a Galaxy Note 7 advertisement at a Samsung store in Jakarta, Indonesia, October 11, 2016. REUTERS/Beawiharta (Copyright Reuters 2016)

Two affiliates of activist hedge fund Elliott Management said its view on Samsung Electronics Co <005930.KS> had not diminished, despite the company ditching its flagship Galaxy Note 7 smartphone.

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Elliott Management, which owns 0.62 percent of Samsung Electronics, had submitted unsolicited proposals for a radical corporate makeover at the world's biggest smartphone maker earlier this month.

The company also slashed its quarterly profit estimate by a third on Wednesday, taking a $2.3 billion hit after scrapping the Note 7, in what could be one of the costliest product safety failures in tech history.

(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)