Merger of 3 LG Telecom Units Approved in Korea
The nation's top telecom regulator approved the planned merger of three telecom units of LG Group, Monday. But the Korea Communications Commission (KCC) plans to slash policy benefits as the local share by the single entity has already exceeded 13 percent ― the level which is regarded as one of a dominant market player, KCC said in a statement. "We gave the green light for the merger as it will benefit consumers and it is highly unlikely the merger will limit competition in the local telecom market," a KCC spokesman said. "As a result of the merger, the nation's three telecom players including SK Telecom and KT are expected to equally compete with their own fixed- and wireless-based products," the official added. LG Telecom, the nation's smallest mobile operator, will absorb fixed-line operator LG Dacom and Internet service provider LG Powercom by Jan. 1. The merger is aimed to enable LG's telecom units to compete more effectively with their larger d...