ID :
106291
Fri, 02/12/2010 - 16:56
Auther :
Shortlink :
https://www.oananews.org//node/106291
The shortlink copeid
No bidder for Hynix stake: creditors
(ATTN: ADDs comments info from 6-7 paras; TRIMS at bottom)
SEOUL, Feb. 12 (Yonhap) -- Creditors of Hynix Semiconductor Inc. said Friday they
drew no bidders for a controlling stake of the world's second largest chipmaker,
even after extending the deadline by two weeks.
"There was no company that showed the intention of buying Hynix as of 3:00 p.m.
on Feb. 12," said leading creditor Korea Exchange Bank (KEB) in a statement. "We
are always open for discussions with companies that are interested in buying
Hynix."
The creditors earlier this month extended the deadline to accept bids for the
controlling stake in Hynix up to Feb. 12, after failing to attract any bidders
last month. The original deadline was Jan. 29.
It is the second attempt by the creditors to put their 28 percent stake up for
sale after South Korean conglomerate Hyosung Group dropped its bid in November
2009.
The creditors are widely expected to attempt a block sale of the stake as they
failed again to draw a bidder.
"The best alternative way will be to sell part of the stake to local strategic
investors, while holding the least stake possible to maintain control over
Hynix," a creditor official said.
"Around 15 percent of the stake will be enough to protect the chipmaker from
hostile takeover," the official said.
The largest stake of 6.4 percent is held by KEB, followed by Woori Bank with 6.25
percent, Korea Finance with 5.50 percent and Shinhan Bank with 4.75 percent.
In late 2001, Hynix faced a credit squeeze amid a faltering business climate for
the semiconductor industry. KEB and other creditors, then, injected US$4.6
billion to bail out Hynix by swapping the company's debts for stocks.
Since 2002, when Hynix was put under joint supervision by the creditors, the
chipmaker has been headed by CEOs drawn from outside the company.
Hynix posted two straight quarters of net profit in the second half of 2009 after
seven consecutive quarterly losses thanks to a rise in memory chip prices.
Shares of Hynix closed at 21,600 won on Friday, down 1.59 percent from the
previous session.
ygkim@yna.co.kr
(END)
SEOUL, Feb. 12 (Yonhap) -- Creditors of Hynix Semiconductor Inc. said Friday they
drew no bidders for a controlling stake of the world's second largest chipmaker,
even after extending the deadline by two weeks.
"There was no company that showed the intention of buying Hynix as of 3:00 p.m.
on Feb. 12," said leading creditor Korea Exchange Bank (KEB) in a statement. "We
are always open for discussions with companies that are interested in buying
Hynix."
The creditors earlier this month extended the deadline to accept bids for the
controlling stake in Hynix up to Feb. 12, after failing to attract any bidders
last month. The original deadline was Jan. 29.
It is the second attempt by the creditors to put their 28 percent stake up for
sale after South Korean conglomerate Hyosung Group dropped its bid in November
2009.
The creditors are widely expected to attempt a block sale of the stake as they
failed again to draw a bidder.
"The best alternative way will be to sell part of the stake to local strategic
investors, while holding the least stake possible to maintain control over
Hynix," a creditor official said.
"Around 15 percent of the stake will be enough to protect the chipmaker from
hostile takeover," the official said.
The largest stake of 6.4 percent is held by KEB, followed by Woori Bank with 6.25
percent, Korea Finance with 5.50 percent and Shinhan Bank with 4.75 percent.
In late 2001, Hynix faced a credit squeeze amid a faltering business climate for
the semiconductor industry. KEB and other creditors, then, injected US$4.6
billion to bail out Hynix by swapping the company's debts for stocks.
Since 2002, when Hynix was put under joint supervision by the creditors, the
chipmaker has been headed by CEOs drawn from outside the company.
Hynix posted two straight quarters of net profit in the second half of 2009 after
seven consecutive quarterly losses thanks to a rise in memory chip prices.
Shares of Hynix closed at 21,600 won on Friday, down 1.59 percent from the
previous session.
ygkim@yna.co.kr
(END)
