Published in Mobiles

LG faces Google takeover rumours as profits triple

by on23 July 2015

Daft ideas of our time

We feel sorry for LG. Just as it announced that its display business had a stonking operating profit for the April-June quarter nearly tripled from a year earlier it was overshadowed by a rumour of a takeover from Google.

It should have been a great day for the maker of display in a time when the industry is on a slide.

Instead LG Group formally denied a daft rumour that Google is buying LG Electronics.

The rumour claimed the search engine would buy 35 per cent of LG Electronics' stake spread in industry and stock market. Google would become LG Group's largest shareholder, surpassing its holding company LG.

LG Group statement "formally denied that it is not true" which means that the poor PR had not heard of a double negative, but we knew what they meant.  LG Electronics said that no discussion about it ever occurred. LG Electronics' stake once skyrocketed 14.5per cent  at $42 dollars.

Google didn't comment, but no one manufacturing the rumours could explain why Google would do a deal like Microsoft so soon after Redmond demonstrated what a stupid concent that was.

All this over shadowed LG Display nearly tripled from a year earlier, beating expectations on panel sales for large-sized televisions and mobile products.

LG Display said profit for the second quarter was $419.73 million which was much better than predicted.

Last modified on 23 July 2015
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