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Technology Stocks : Micron Only Forum
MU 263.78+4.5%Dec 10 3:59 PM EST
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To: FJB who wrote (42556)2/2/1999 11:30:00 AM
From: DJBEINO   of 53903
 
LG workers reject Hyundai's employment offer
By Jack Robertson

WASHINGTON -- The volatile Korean chip merger deal remained unsettled today as the striking LG Semicon Co. workers reportedly rejected the latest job security offer to win their support for the company's acquisition by Hyundai Electronics Industries Co. (see story in the Feb. 1 publication of SBN).

Bloomberg News said the LG workers were continuing their walkout after rejecting a Hyundai offer of a six-month wage bonus for returning to their jobs and accepting the Hyundai takeover.

At the same time, the two companies were optimistic that the labor issue would be resolved and a final acquisition agreement could be signed by next week. They conceded, however, that the purchase price had yet to be agreed upon. LG Semicon had been demanding a steep premium price, reporting more than $1 billion above the estimated $1.8-to-$2 billion current value of the company's stock. Hyundai Electronics must also assume nearly $4 billion in LG Semicon debt.

LG, at the weekend, proposed the compromise settlement with its workers of the half-year salary bonus, and Hyundai had agreed to retain all LG workers through 2000, as well as high severance pay for any layoffs after that time. The LG union had demanded a five-to-seven year employment guarantee from Hyundai after the acquisition.

semibiznews.com
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