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March 19, 2008 |
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HYNIX SEMICONDUCTOR: LG Electronics Denies Takeover Plan LG Electronics has clarified that it has no plans to takeover Hynix Semiconductor Inc., Korea Times reports. According to the report, LG CEO Nam Yong said they learned how to live without a semiconductor business. They made the final decision because an acquisition will not generate significant synergy for LG, he added. LG's decision, the report notes, came as a surprise because rumors had been high that LG might embrace the semiconductor business again for the electronics giant's new growth engine. Kim Yoo-chul of The Times writes that Mr. Yong said even LG Group Chairman Koo Bon-moo seems disinterested in acquiring Hynix. Korea Exchange Bank and other local creditors hold a combined 36.03% stake in Hynix, the report relates. The creditors- turned-shareholders are looking to sell the stakes to a strategic investor, The Times adds. About Hynix Semiconductor Headquartered in Echon, South Korea, Hynix Semiconductor Inc. -- http://www.hynix.com/ -- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. Moody's said the outlook for the ratings is stable. |
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