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Technology Stocks : Alliance Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: DJBEINO who wrote (4429)	1/6/1999 10:16:00 AM
From: DJBEINO	Read Replies (1) \| Respond to of 9582

LG Relents In Semicon Merger With Hyundai LG Business Group Chairman Koo Bon-moo announced Wednesday that he would agree to let Hyundai hold managerial rights in the semiconductor merger of LG Semicon with Hyundai Electronics. Koo met with President Kim Dae-jung at Chongwadae to deliver the news. A spokesman from the president's office said that the LG chairman went through a period of soul-searching before finally making his decision to finally cooperate with the Big Deal measure, so that LG could make a contribution to helping Korea to strengthen its sovereign rating overseas. Koo also promised the president that LG would do its best to nurture its core businesses. President Kim commended Koo's decision and asked that LG group spearhead the nation's economic recovery through its on-going business restructuring. Koo is known to have fine-tuned the move with Hyundai Chairman Chung Mong-hun before his visit to Chongwadae. One high-ranking official at LG said that the group's entire stake in LG Semicon would be sold off to Hyundai. Sources close to LG said that details of amount of the sale and the reason for LG's change of heart would be revealed later.