Elliott says view on Samsung not diminished despite Note 7 issues

MarketsReuters

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)