Five Biggest Chaebols" Restructuring Plan Will be Announced on October 7

The five biggest chaebols' restructuring plan to be followed by the so called 'Big Deal' will be finally announced on October 7. The big five is now negotiating on who will undertake the management of newly built companies as a majority stockholder.
Son Byung Doo, vice president of the Federation of Korea Industries (FKI), announced in a press conference on October 2 that the business sector would decide for itself the identity of the management for newly born companies according to the already announced restructuring plan.
He said that in case of petrochemical and aircraft industries, the related groups would set up a new company having equal equities and open the management to professional managers including foreigners.
In case of train manufacturers, Hyundai, Daewoo and Hanjin groups will decide their equity ratios and the identity of management for a newly created company by October 6.
Vice president Son also said that in case of semiconductor and power generating facilities, the related companies would have to conclude their negotiations by October 6.
It has come to light that the business sector and the FKI reported the provisional restructuring plan to the government on October 1, but the government signalled a dissatisfaction with the business sector's proposal that it would decide the management's identity for joint industries according to outside consulting firms' evaluation.