Hyundai seeks billion bucks to pay for LG

Rights issue could mean Maxtor for sale sooner rather than later

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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