April 24, 1999
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| April 24, 1999 | atimes.com | |
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| The Koreas Samsung, Hyundai still split over stakes for chemical co. SEOUL - South Korea's Samsung General Chemical Co. and Hyundai Petrochemical Co. have failed to resolve differences over their stakes in the new company created from the merger of the firms' petrochemical production units, industry sources said Thursday. The president of Hyundai Petrochemical, in a private meeting with his counterpart at Samsung General Chemical, proposed that the split of stakes be based on the assessed values of the two firms, withdrawing the company's earlier proposal for an even split. Samsung rejected the offer and called on Hyundai to make an additional investment to match Samsung's asset value. The total value of Samsung's assets reporteldy exceed that of Hyundai by some 270 billion won ($227 million). Samsung is apparently unable to secure management control of the merged firm because it already agreed to turn over as much as 51 percent of the stake to foreign investors, and management control to go with it. Both sides, however, agreed on the need to settle their differecnes as early as possible, now that the semiconductor units of the Hyundai and LG Groups is all but done. (Asia Pulse/Yonhap) | |||||||||
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