LG to Negotiate for Additional 1.2 Billion Dollars
LG group revealed on October 28 that it had attracted 1.4 billion dollars worth of foreign investments and is negotiating to induce an additional 1.2 billion dollars. LG Cables & Machinery Ltd. and LG Metals are in negotiations to attract 500 million dollars from Shindler of Switzerland and Nippon Mining of Japan respectively.LG Precision is also making efforts to attract 200 million dollars with the GEC Group, a British electronics and communications company. However, GEC wants to buy the whole company whereas LG Precision needs to sell only a part of its stake. A source at LG said, 'We plan to induce 6.5 billion dollars worth of foreign investment by the end of 1999. The various negotiations in chemical and electronics businesses is being held now.'
with the Korea JoongAng Daily
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