Korean government officials are today scrambling to clinch some of the chaebol 'big deals' president Kim wants between the big five industrial companies in Korea.
According to this morning's Korea Herald, the president is searching for something that can be seen as a victory from a meeting with Korean industrialists on 4 July, including the owners of the big five.
The Korea Herald quotes anonymous government sources saying that accords are now being fine-tuned and should be announced on the afternoon of 4 July.
But it seems that President Kim's original plan for a vast three-way swap of business between Samsung, Hyundai and LG may have been derailed. All three companies have been cool to this scheme and it could be argued that all three have taken steps to make it very difficult to implement. However, government sources now say that "business circles are voluntarily pushing to execute several large-scale business exchanges" and that the government is simply playing the role of mediator.
That suggests the government has stopped trying to force its solution on the companies and is prepared to accept a compromise. It seems the three-way deal is now off, but that two- and multi-way deals are on the agenda. That brings Daewoo and SK groups, and therefore telecoms, into the equation.
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