LG Electronics drops joint-venture plan with German firm

SEOUL, Nov. 7 (Yonhap) -- South Korean electronics giant LG Electronics Inc. said
Friday it has scrapped a plan to set up a solar-cell joint venture with Germany's
Conergy AG due to the current global financial crisis.

"We've decided to end talks on the joint venture, considering the recent credit
crisis and differences over strategic direction," LG Electronics said in a
regulatory filing.
LG Electronics signed a non-binding preliminary deal with Germany's
second-largest solar cell company in September to set up a joint venture in a bid
to tap into the renewable energy business.
"Despite the cancellation of the deal, LG still aims to become a leading player
in the solar cell business and is mulling other measures such as mergers and
other partnerships," an LG official said.
odissy@yna.co.kr
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