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

To: StanX Long who wrote (60601)	2/15/2002 6:13:04 AM
From: StanX Long	Respond to of 70976

Micron to cut Hynix investment if loss found-report (Adds fresh details of Micron's position in paragraphs 13-15) sg.biz.yahoo.com SEOUL, Feb 15 (Reuters) - Micron Technology has told creditors of Hynix Semiconductor it will provide fewer of its shares to buy the Korean chipmaker's memory business if more losses are discovered afterwards, a report said on Friday. U.S.-based Micron is in talks with Hynix <00660.KS> to buy its core memory chip business in a deal worth nearly $4 billion that would create the world's biggest memory chipmaker, surpassing Samsung Electronics <05930.KS>. "Micron expressed its intention to take back 50 percent of the shares the U.S. company would give to Hynix, if additional losses are found," the Korean-language Internet news service Money Today reported, quoting an unnamed creditor bank official. Micron as well as Hynix and its main lender, Korea Exchange Bank <04940.KS>, declined to comment on the report. Hynix's chief executive Park Chong-sup returned on Wednesday from the United States where he held talks with Micron chief executive Steve Appleton. Park summarised Micron's renewed proposals to creditors on Thursday. The reported new demand may provoke creditors to delay approval of the deal, which would become the largest corporate asset sale in Korea.