Two Roads, One Purpose
Different mechanics, same underlying objective
Samsung Electronics
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Chooses cash dividend
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Keeps Samsung Life's stake below the 10% cap
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Protects the Lee Jae-yong control chain
SK Hynix
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Chooses buyback & cancellation
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Lifts SK Square's stake above the 20% floor
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Protects the holding company status
Shared endpoint: Governance structure preserved — not shareholder value maximized
Both companies announced record-breaking shareholder returns using the identical funding formula (50% of free cash flow). But the method each chose was determined less by what would benefit shareholders most, and more by which option left each company's existing control structure undisturbed.