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Hyundai Electronics and LG Semiconductor Start Merger Meetings

Jan 11,1999
Hyundai Electronics and LG Semiconductors commenced high-level meetings to work out the details of the merging of their semiconductor businesses on January 11.
At the meeting, an LG representative said, 'Our group will not attend any merger meetings if the successive hiring of LG's employees is not guaranteed by Hyundai.'
LG also announced, 'The company will deal in the merger's specific details through negotiations with Hyundai, the Federation of Korean Industries (FKI) and the government but excluding any third parties.'
Concerning the matter, Kim Young Hwan, president of Hyundai Electronics, simply said, ' The details on the matter will be decided in the process of negotiating with LG.'
Meanwhile, employees of LG Semiconductor announced, 'The merger is basically ineffective and if the worst occurs, they will protest.'


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