The Korean Government is unhappy about the lack of progress made by Hyundai Electronics Industries and LG Semicon over their proposed merger of semiconductor operations, and is threatening punitive measures if the two fail to reach a compromise. According to the Korea Herald, economic ministers are strongly urging the top chaebols, including Hyundai and LG, to abide by the November 31 deadline for completing the restructuring agreements first laid earlier this year. But business leaders are asking for more financial support from the government, and the chip companies are still arguing over which foreign consulting firm will help them determine who will take the 70% controlling stake in the proposed combined unit. The Herald quotes a minister as saying that a delay in the chip merger will seriously disrupt the entire restructuring schedule.
