Chaebols Will Revise Initial "Big Deal" Plan

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Chaebols Will Revise Initial "Big Deal" Plan

The financial sectors(chaebol) will redesign their restructuring plans after the government refused to accept their original proposal.
President Kim Dae Jung met with Kim Woo Jung, chairman of the Federation of Korean Industries (FKI) and representatives of the five major chaebols, on November 29, to urge the faster merging of companies operating in the same sector.
The government is strongly pressing those groups to finish their 'big deal' in the areas of petrochemicals, aviation, and rolling stock production by the end of 1998.
The FKI, on November 30, held a meeting under Vice Chairman Son Byong Du's request and decided to accept the government's demand.
It will also try to induce as much foreign capital as possible at the Korea-Japan Business Conference in Tokyo on December 1. Over thirty Japanese business groups have applied to participate in the conference showing their strong interest in the Korean market.
The five major groups will hold another session in early December to conclude the plan.

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