SKorea's Hyosung group bids for Hynix: report

September 22, 2009
South Korean employees of Hynix Semiconductor are seen through a glass door at a branch in Seoul in February 2009. The South Korean business conglomerate Hyosung Corp, a small group with interests ranging from chemicals to heavy machinery, submitted an offer to acquire the stake in Hynix Semiconductor from creditors, Yonhap news agency said.

A minor business conglomerate in South Korea looks set to buy a major stake in the world's second biggest memory chip maker after becoming the only firm to submit a bid, a report said Tuesday.

Hyosung Corp, a small group with interests ranging from chemicals to heavy machinery, submitted an offer to acquire the stake in from creditors, Yonhap news agency said.

Hyosung has refused to confirm the report but Korea Exchange Bank, a key creditor, said it has received a bid from only one firm.

"There will be a related announcement soon," a Hyosung spokesman told AFP.

Creditors have controlled Hynix since they rescued it with 4.6 billion dollars in 2001 and 2002.

They now plan to sell a 28 percent stake worth 3.65 trillion won (3.04 billion dollars), Yonhap said.

Hynix turned its operations around but has suffered from a liquidity shortage due to falling demand and declining chip prices.

In 2008 Hynix swung to a net loss of 4.38 trillion won from a profit of 364 billion won a year earlier, the first yearly net loss in five years.

(c) 2009 AFP

Explore further: Korea protests punitive Japan chip tariff

Related Stories

Samsung Electronics reports 72% profit slump

April 24, 2009

South Korea's Samsung Electronics, the world's top computer memory chipmaker, has announced its first-quarter net profit fell 72 percent year-on-year as poor demand depressed prices.

Hynix reports sixth straight quarterly loss

April 24, 2009

South Korea's Hynix Semiconductor, the world's second-largest computer memory chipmaker, Friday reported a sixth straight quarterly loss due to weak chip prices sparked by a global recession.

LG Electronics posts record Q2 earnings

July 22, 2009

South Korea's LG Electronics Wednesday reported a record quarterly net profit, boosted by brisk sales of flat panel televisions and mobile phones.

Recommended for you

Glider pilots aim for the stratosphere

November 20, 2015

Talk about serendipity. Einar Enevoldson was strolling past a scientist's office in 1991 when he noticed a freshly printed image tacked to the wall. He was thunderstruck; it showed faint particles in the sky that proved something ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.