LG Philips Won't Pursue IPO Until 2004 Sep 22, 2003

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LG Philips LCD, a joint venture between LG Electronics Inc. of South Korea and Philips Electronics N.V. of the Netherlands, decided to postpone its simultaneous initial public offering in Korea and the U.S. to 2004, Maeil Business Newspaper reported.

A source at LG Electronics told the newspaper that board members of LG Electronics and Philips met earlier last week and agreed that more time is needed to determine when the company will pursue the IPO.

The source also noted that even if the company had decided to pursue the IPO, it would need at least four to six months to proceed, so it would be logistically impossible to schedule the offering within this year, the newspaper said. (Dow Jones)

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