Hynix, Micron Decision May Come as Soon as Tomorrow, Papers Say
By Heejin Koo and Ian King
quote.bloomberg.com
Seoul, March 14 (Bloomberg) -- Hynix Semiconductor Inc. and Micron Technology Inc. may conclude 14 weeks of talks as early as tomorrow, resulting in what may be the largest investment in a South Korean company by a foreigner, local media reported.
Talks, which involve how the remains of Hynix will survive after the sale of its main business, have a good chance of success, the Seoul Economic Daily paper reported, without citing sources. This week's negotiations will be the last, regardless of the outcome, other reports said, citing an official at the committee supervising the reorganization of debt-laden Hynix.
Hynix's creditors and Boise, Idaho-based Micron, the No. 2 memory-chip maker, have held six rounds of talks aimed at hammering out an agreement whereby the U.S. chipmaker would buy part of Hynix's operations. Hynix Chief Executive Park Chong Sup was in the U.S. last week to lead negotiations some investors say have already lasted too long.
``Hynix and its creditors can't afford the talks to drag on forever,'' said Lee Seung Ho, who manages 500 billion won ($380 million) in Korean equities at Shinyoung Investment Trust Management Co. in Seoul. ``They need a decision one way or the other very soon.'' |
