In South Korea Pine Tree Investment Management and Eugene Group have failed a reported hostile takeover of conglomerate Tongyang.
The two companies have failed to secure the required number of shares for a special resolution at the general shareholders' meeting of Tongyang.
The conglomerate's businesses include asset management, life insurance and cement.
During the meeting, the two companies are said to have proposed to increase the number of board members in Tongyang from ten at present.
Eugene Group still aims to acquire Tongyang by acquiring additional shares.
