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Hyundai seeks billion bucks to pay for LG

Rights issue could mean Maxtor for sale sooner rather than later

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The Korean press is reporting today that Hyundai will attempt to raise $1.24 billion to finance its takeover of LG Semicon and to hone its own internal structure. According to reports, Hyundai wants $1.5 billion in foreign capital by the end of 1998. It has made $350 million by putting Maxtor onto the New York stock exchange. However, it still has a large share in Maxtor and rumours on the street are that the hard drive manufacturer is doing so well that other disk companies, including Seagate, could take it over. ®

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