(Nikkei BP Group)
(No.1 High-Tech News Site in Japanese)
| LG Semicon, Hyundai Microchip Merger to be Delayed
December 2, 1998 (SEOUL) -- The Korean government is allowing more time
for the comprehensive restructuring of the five leading industrial groups
(chaebols), by extending the deadline for corporate reforms from Nov.
30 to Dec. 31.
|For this reason, the Hyundai and LG groups will postpone the merger of
their semiconductor units until the end of December.
The Financial Supervisory Commission, had been threatening to put the
IC affiliates under its working rehabilitation programs, if the two
groups failed to decide who would manage the merged company by the November-end
deadline. However, the commission has eased its position and extended
the deadline to the end of December.
President Kim recently decided to hold a meeting of government and industry
leaders to discuss ways to finish restructuring the five leading conglomerates.
He is said to have warned the five industrial groups that the government
will not tolerate any further delays of the reforms.
The FKI, the chaebol lobbying group, said it will hold a meeting next
week to complete its evaluations of the aerospace, railway car and oil
refining sectors. Those evaluations will be resubmitted to the corporate
(Maeil Business Newspaper, Korea)
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