LG threatens to sue Arthur D Little in US
But Korean government likely to stomp very hard on LG
In South Korea, where it is already Monday, the press is reporting that large conglomerate LG is threatening to sue Wall Street consultancy Arthur D Little (ADL) for proposing rival Hyundai take a 70 per cent share in a new chip company.
LG bitterly opposes the proposed merger and Semicon CEO Koo Bon-joon told the press in the peninsula today that ADL’s proposal smacked of one-sidedness and it will be opposed.
But the South Korean government is prepared to squash LG’s opposition by recommending that creditor banks pull the rug if it still holds out against the decision.
For the last six months, LG has fought a rearguard action to prevent the formation of a giant semiconductor company formed by its and Hyundai’s semiconductor divisions.
Mr Koo claimed that ADL’s proposal was one-sided and would cause mental suffering to its employees. It is exploring taking legal action in the US, the reports continued.
And we, at The Register thought we wouldn’t have to write about this any more (we didn’t think that, really). ®