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Hyundai Insists On 7-3 Ratio over LG

Dec 31,1998
Park Seh Yong, Hyundai Group's restructuring head, unequivocally stated that the group is not considering any alternative proposals in the semiconductor deal with LG.
At the December 31 press conference held at the Federation of Korean Industries(FKI) building, Park insisted, 'The principle component of the merger is to divide ownership in the company at a ratio of 7 to 3 between Hyundai and LG. This must be kept and there is no way around it.'
Regarding the possible arbitration by FKI, he said, 'The agreement was accepted by the two company leaders at the Blue House(Chong Wa Dae) early this month and we are not thinking of nullifying the deal or altering the semiconductor industry's restructuring. Hyundai will meet LG next month and I'm sure a positive result will come out in the end.'


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