Hyundai Offers Its Communication Shares to LG

Hyundai on February 2 officially revealed that it intends to pay for the take over of LG Semiconductors not with money, as originally proposed, but through the exchange of communication stocks instead.
LG has reacted positively to the deal and stated it would accept Hyundai's Dacom, Onse, and Hanaro Communication shares after calculating the share's actual value.
A source from Hyundai said, 'There has been no meeting point between the two groups. We calculate LG Semicon's assets to be approximately 170 million dollars while LG insists on 400 million, so we have decided to give over shares of communication companies to LG.'
LG submitted a memorandum that stated it would exceed the government's 5-percent maximum allowable ownership share of Korea Telecom's Personal Communications Services(PCS) with the aquisition of Hyundai's stocks, but Hyundai said it will persuade the government to allow LG's portion to be increased as the situation is different now.
LG is seriously considering Hyundai's offer because it could become a major power in the communication sector.