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To: Norrin Radd who wrote (4454)	1/7/1999 10:16:00 PM
From: DJBEINO	Respond to of 9582

UMC GROUP ACQUIRES 56% STAKE IN NIPPON STEEL SEMICONDUCTOR TOKYO, Jan 07, 1999 (Asia Pulse via COMTEX) -- United Microelectronics Corp. announced on Tuesday it has acquired, with its affiliates, 30,560 shares of Nippon Steel Semiconductor Corp. (TSE:6939) from Nippon Steel Corp. (TSE:5401) in a take-over bid. Worth 1.52 billion yen (US$954.7 million), the acquisition takes UMC group's stake in Nippon Steel Semiconductor to 56%. Nippon Steel now has no stake in Nippon Steel Semiconductor. With the change in principle shareholder to the major Taiwanese semiconductor company, Nippon Steel Semiconductor is expected to shift its focus from memory chip production to the logic IC foundry business. The name of the company will be changed to Nippon Foundry Inc. on Jan. 8. The end of its financial year will be changed from March to December on the same day.

To: Norrin Radd who wrote (4454)	1/7/1999 10:30:00 PM
From: DJBEINO	Read Replies (1) \| Respond to of 9582

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.