LG and Nortel set joint venture here
LG Electronics Inc., the world’s fourth-largest mobile phone maker, and Canada’s Nortel Networks Corp. have set up a 300 billion won ($295 million) venture in Korea to make telecommunications network equipment. LG Electronics will buy a 49.99 percent stake in LG-Nortel Co. for 153 billion won, the company said in a regulatory filing to the stock exchange yesterday. In August, LG said LG-Nortel would start with capital of about 300 billion won and Nortel would pay about $145 million for a 50 percent stake, plus one share, of the venture.
with the Korea JoongAng Daily
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