Hyundai and LG appear to have narrowly averted stern action from the South Korean government, and have appointed a third party to oversee the proposed merger of their chip businesses.
According to 'The Wall Street Journal', the companies have appointed a US consultancy, Arthur D Little, to oversee the negotiations and try to rescue the deal, which was on the brink of collapse last week.
Both companies have dug their heels in over various issues surrounding the merger of their lucrative semiconductor businesses, including the question of which company owns the controlling share.
Earlier this week, the South Korean government, frustrated by the stalemate, threatened to take measures against both of the conglomerates unless they swiftly moved to appoint a third party.
However, the appointment of the US consultancy does not necessarily mean that the bitter struggle between Hyundai and LG will end. Any negotiations are bound to be protracted as both jockey for the controlling position.
And if the merger does finally come off, it may trigger external antitrust action by the US government, worried about alleged anti-dumping issues.
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