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Technology Stocks : PRI Automation (PRIA)
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To: Winston Kim who wrote (474)6/22/1998 1:32:00 PM
From: Beltropolis Boy  Read Replies (1) of 1214
 
Saturday June 20, 11:59 pm Eastern Time
Intel to buy LG Semicon stake at up to $1bln-paper

SEOUL, June 21 (Reuters) - Intel Corp (INTC - news) of the United States plans to invest up to $1 billion in LG Semicon (29890.KS) to secure a 20-30 percent stake in the South Koreas chip making company, Seoul media said on Sunday.

The influential Chosun Ilbo newspaper quoted a high-ranking official in the financial industry as saying the two chip manufacturers had completed the deal.

Officials at LG Semicon, a unit of powerful LG Group (LUGG.CN), were not immediately available for comment.

The two parties plan to formally sign the deal next month, the daily quoted the source as saying.

If true, LG Semicon would likely be excluded from proposed big deals, or exchanges of business lines among large Korean conglomerates known as chaebol.

Such deals have been proposed as one way to reduce corporate Koreas problems. Many have suggested Hyundai Group (HYGR.CN) would end up with the bulk of the car industry, Samsung Group (SAGR.CN) with semiconductors and LG with chemicals.

The newspaper said Intel was also expected to take part in building a semiconductor plant in Wales, in which LG Semicon had planned to invest a total of $1.9 billion. LG has invested only $350 million so far in the plant.

biz.yahoo.com
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