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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56958)	12/5/2001 4:14:51 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Wednesday December 5, 1:11 PM Hynix says Micron team in Seoul as tie-up talks start sg.news.yahoo.com SEOUL (Reuters) - A delegation from U.S. chipmaker Micron Technology Inc arrived in Seoul and began tie-up talks with South Korea's troubled Hynix Semiconductor Inc, Hynix said on Wednesday. Micron and Hynix, the world's second- and third-ranked memory chipmakers, jointly announced on Monday they plan to discuss a strategic alliance or other options, including a merger. "Around 10 people including working-level officials from Micron have arrived in Seoul and begun negotiations for a tie-up," a Hynix official told Reuters. The Micron delegation will stay for two weeks and will launch due diligence on Hynix. Goldman Sachs will advise the talks for Micron and Salomon Smith Barney will lead the deal for Hynix, the official said. Salomon Smith Barney, a unit of Citigroup, helped Hynix sell $1.25 billion in global depositary receipts in June and secure two hefty bailout packages from creditors this year. If the talks result in a merger, the combined firm would overtake top-ranked memory chipmaker Samsung Electronics Co Ltd <05930> and help the industry address the chronic overcapacity which has been forcing manufacturers to sell memory chips for less than what they cost to make.