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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: cordob who wrote (53637)	3/27/2002 11:55:07 PM
From: Return to Sender	Respond to of 53903

Hynix says conditions better, to raise funds Wednesday March 27, 11:15 pm Eastern Time biz.yahoo.com By Lee Shin-hyung ICHON, South Korea, March 28 (Reuters) - Hynix Semiconductor Inc expects a first-quarter operating profit and plans to raise nearly 1 trillion won ($759 million) this year through restructuring, its chief executive told shareholders on Thursday. The world's third largest memory chip maker lost $3.85 billion last year and has entered talks to sell core assets to larger U.S. rival Micron Technology Inc (NYSE:MU - news). ``Operating conditions are showing improvement allowing an operating profit for the first quarter as chip prices have risen,'' Chief Executive Park Chong-sup told Hynix's annual shareholders' meeting. The comment boosted Hynix shares nine percent at one point. As of 0325 GMT, Hynix was up 6.12 percent at 1,560 won, outpacing a main index gain of 0.71 percent. Park said he expected talks with Micron to be wrapped up in coming weeks but declined to elaborate. Police were stationed in front of the Hynix plant where the meeting was being held as a group of about 300 minor shareholders opposed to the Micron talks staged a protest. Some 370,000 individual shareholders own 90 percent of Hynix's one billion shares. In recent protests they have expressed concern about what might happen to their shares if Hynix sells operations that generated 70 percent of revenues last year. Demonstrators on Thursday held placards demanding creditors halt talks with Micron and calling for a special shareholders meeting to be held in May. Hynix has been in formal talks with Micron since December as creditors aim to sell all of Hynix's memory operations and a stake in its non-memory business for an estimated $4 billion. Creditors control Hynix after spending $6.6 billion to rescue the chipmaker last year and hope to recover at least part of their investment through the sale. A deal would leave Hynix as a maker of non-memory chips used in mobile phones and other devices. By buying Hynix's memory business, Micron would move ahead of South Korea's Samsung Electronics Co as the world's largest memory maker. ($1 equals 1317.0 won)