Hard decisions by the South Korean banks herald a major realignment in memory manufacturing, with LG likely to quit the business, according to sources close to the high level talks going on today.
The same sources said that, while Samsung will stay in the Dram memory chip business, it is likely that Hyundai will move away from it to focus on its heavy industry interests.
It appears that the South Korean government, in consultancy with the big banks in the country, have decided that a restructuring of the businesses of the major conglomerates or chaebols is necessary in the wake of the recent economic crisis in the region, and the depression in the memory market.
Officially, the chaebols are denying that any such plan is afoot, but a memory distributor said today that he had been informed by a Samsung distributor in Asia that the deal would be cut this week.
Samsung has finally decided to surrender its automotive business, while Hyundai, traditionally in heavy engineering, is likely to exit the Dram market. LG (formerly Lucky Goldstar) will receive Hyundai's petroleum business.
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