Cheil Industries shares dive after report that Samsung will not be holding firm

SEOUL (Reuters) - Shares of Cheil Industries <028260.KS>, which owns fashion brands and amusement parks, fell up to 13.5 percent on Thursday after a media report said parent Samsung Group will not turn it into a holding company to pave the way for generational succession. There has been speculation that Cheil, about 42 percent owned by Samsung Electronics Co Ltd <005930.KS> Chairman Lee Kun-hee and his three children, would be the main vehicle for Samsung Group to become a holding company. But Chosun Ilbo reported on Wednesday that heir apparent Jay Y. Lee denied that Samsung Group will become a holding company aimed at tightening its grip on the conglomerate. A Samsung Group spokesman said it is checking the report. (Reporting by Yeawon Choi and Hyunjoo Jin; Editing by Richard Pullin)