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AIG Faces Strikes In Korea

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NU Online News Service, Sept. 10, 3:55 p.m. – American International Group Inc., New York, has hit another snag in its bid to acquire three insolvent financial units in the Hyundai business group.

Trade unionists at the Korean companies have begun voicing their opposition to a new agreement which allows AIG to reduce the initially agreed price of $6.93, or 8,943 won a share to $5.43, or 7,000 won.

Trade unionists at Hyundai Securities Companies, Seoul, the largest of the three units AIG is bidding for say they will start an all-night sit-in to protest the Hyundai board’s approval of the reduced takeover price, reports Cho Sun Il Bo, a Korean daily. The trade unionists are also considering bring a lawsuit against AIG, according to the paper.

Trade unions at two other Hyundai units, Hyundai Investment Trust and Securities Company and Hyundai Investment Trust Management Company, are expected to join the action, Cho Sun says.


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