Hynix lender sees Micron deal closed by end-March
SEOUL, March 2 (Reuters) - A main creditor of South Korea's Hynix Semiconductor Inc said on Saturday the twisted deal to sell core assets of the Korean chipmaker to U.S. Micron Technology Inc (NYSE:MU - news) would likely be decided by end-March.
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Hynix and its creditors are in talks aimed at an alliance and asset sales to Micron, which would create the world's largest computer memory chipmaker, surpassing top-ranked Samsung Electronics Co .
``We have received no reply from Micron but expect the fate of the deal to be decided by the end of this month,'' a senior official at Korea Exchange Bank , Hynix's main creditor, told Reuters.
The troubled chipmaker and its creditors sent a counter-proposal to Micron's bid last week but did not specify a deadline for Micron's response in the proposal, the official said. ``(But) we expect Micron to reply shortly.''
He refused to confirm a local media report that said creditors agreed to accept Micron's demand for fresh funds.
The daily Chosun Ilbo reported on Saturday, quoting an unnamed creditor bank official: ``Creditors agreed to offer $1.5 billion to Micron on the condition the U.S. chipmaker invest 25 percent in Hynix's non-memory operations.''
Micron is more interested in Hynix's memory operations in a deal worth $4 billion but talks have been slow due to differences over terms and conditions of the U.S. chip giant's investment in Hynix.
``But creditors insist on extending the assistance at more favourable conditions including higher borrowing costs,'' the paper said.
Hynix shares closed down 3.3 percent at 1,615 won ($1.23) on Thursday, underperforming the broader market , which was down 0.3 percent. |
