The proposed merger of the semiconductor businesses of Korean giants LG and Hyundai now looks on the brink of collapse.
A report in the 'Korea Herald' today said that the companies, after weeks of talks, have failed to reach agreement on a third party arbitrator to organise the merger. The organisations had failed to agree on which would have the controlling stake in the merged chip firm.
Failure will mean that both companies will be penalised by the South Korean government, which was keen to push through plans to rationalise the businesses of the country's largest companies to make them more efficient in the current economic crisis.
The corporations have until 30 November 30 to sort their differences, but this is looking increasingly unlikely.
Possible penalties include forced restructuring and the severing of credit lines, said the 'Herald'.
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