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. Last Updated: 07/27/2016

Hyundai, LG Talks

SEOUL, South Korea -- South Korea's Hyundai Electronics Industry Co. was chosen on Thursday to take a controlling stake in a proposed merger with LG Semicon, but LG said it couldn't accept the decision.

U.S. consulting company Arthur D. Little Inc. made the recommendation that Hyundai become the majority shareholder after the two chipmakers asked the company to help them break an impasse in their stalled merger talks.

But LG said Thursday that it couldn't agree with the consultants recommendation, a position that threatened to derail South Korean President Kim Dae-jung's efforts to restructure the country's debt-ridden industries through mergers.