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Technology Stocks : Micron Only Forum

MU 241.15

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To: DavidG who wrote (42040)	1/7/1999 10:31:00 PM
From: DJBEINO	Read Replies (1) of 53903

Hyundai rejects LG's US$4.5 billion price for LG Semicon Jan 08, 1999 - Hyundai Group on Thursday rejected LG Group's demand for 5 trillion won (about US$4.5 billion) in cash for the sale of LG Semicon to Hyundai, Hyundai Group officials said Thursday. LG Semicon had asked for a cash payment for the corporate sale, which is being forced by the government of President Kim Dae-Jung. The government threatened LG with financial sanctions through the Financial Supervisory Commission if it did not accept the "big deal" consolidation of the two chip makers. A deal between Hyundai and LG is unlikely to be settled soon because of wide differences between the two chaebols in opinion on the value of LG Semicon. Hyundai insists that it will pay some premium on top of 1.3 trillion won (US$1.1 billion) for LG Group's ownership in LG Semicon. Cash-hungry Hyundai will obtain a total of about US$1.55 billion during 1999 to invest in the semiconductor business, according to the officials.

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