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  • 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 restructuring commission.

    (Maeil Business Newspaper, Korea)



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    Updated: Tue Dec 1 16:32:21 1998 PDT