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Big Deal Needs to be Approved by US and EU

Sept 14,1998
Among the five major chaebols whose subsidiaries which have announced plans to merger, the 'big deal' between Hyundai and LG semi-conductors beforehand by the United States and the European Union (EU) must be approved.
According to the Ministry of Commerce, Industry and Energy on September 13 the merger by those two conglomerates will cause many changes in the international market structure, so the resulting company becomes the object of anti-monopoly regulations. In that case, the chaebols need to obtain permission for the merger while undergoing an investigation into the future effect on the market.
A source from the ministry said, 'The sales generated by these two semi-conductor manufacturer are much more than US (100 million dollars) or EU (2.7 billion dollars) limitations, therefore it is inevitable that we to deal with their regulations from now on.'


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