(MENAFN) South Korea"s LG Electronics participated in a main outbidding round to purchase Austrian automotive light maker ZKW Group in a deal that could possibly bring U.S.D1.2 billion, Korea Economic Daily said on Tuesday.
The report said, citing an industry official, so that, LG Electronics, South Korea"s No.2 smartphone maker after Samsung Electronics, has been getting ready and preparing for the deal for more than one and a half years with its parent LG Corp as part of efforts to diversify its auto electronics business.
Also, the report said a preferred bidder is predicted to be chosen next month.
Moreover, an LG Electronics spokeswoman refused to comment, south Korea"s stock exchange asked the firm to explain the media report by noon Seoul time on Wednesday.
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