|
Hynix CEO Kim Jong-kap |
By Kim Yoo-chul
Staff Reporter
Creditors of Hynix Semiconductor have agreed to sell their combined stake in the world's No. 2 memory chipmaker by means of another open bidding process.
But the chances are low and hopes are slim that the Icheon, Gyeonggi Province-based technology firm will find the right buyer late next month, officials and watchers say.
The collective 28.07-percent stake is worth about 4 trillion won, including a premium in management. Strong financial capability is required to effectively manage the highly volatile memory chip business.
Korea Exchange Bank (KEB), representing creditors, is planning to send out invitations for the auction to domestic companies between Nov. 25 and Dec. 15, its officials said. The action follows Hyosung Group's recent decision to scrap its bid to purchase Hynix.
A KEB official said Tuesday the open bidding will be held if 75 percent or more of Hynix shareholders vote for it at a meeting slated for Nov. 25.
"Considering the rosy outlook in the global memory chip market and Hynix's strengthening financial soundness, now is the right time to sell the chipmaker," the official said.
Internally, creditors have reached a broad consensus to sell some parts of the stakes to a bidder.
Top Hynix sources are hoping that one of the nation's top-10 conglomerates will register a bid. But officials of POSCO, LG Group, SK Group and Hyundai Heavy told The Korea Times that they have no interest in Hynix.
Hynix spokesman Park Hyun declined to comment.
In a desperate effort to sell the stakes, creditors have also decided to sell 10 to 15-percent stakes to institutional investors on the market through block sales if the public auction is unsuccessful.
"If the sale faces difficulties, then we should use the block sale option," a top-ranking official at the Korea Development Bank (KDB), one of Hynix's creditors, said.
Hynix CEO Kim Jong-kap has consistently stated the need for a decisive owner amid signs of recovery in the global memory chip industry.
CEO Kim said Hynix will benefit from having an owner with speedy decision-making capability and added the chipmaker will maintain its competitive edge in technology if it joins up with a company with a global focus.
"The block sale card could be a win-win card for Hynix and creditors, though that's against the share moves. We hope the sale process will be finalized earlier than expected," the KDB official said.
Hynix has a considerable technological edge over its Japanese and Taiwanese rivals. It trails Samsung Electronics in the global DRAM and NAND flash memory sectors.
Hynix is forecast to post over 500 billion won in net profit during the fourth quarter, compared with 246.3 billion won in the July-September period, thanks to brisk chip demand and rising prices. Hynix ended its debt payment program in May 2005.
yckim@koreatimes.co.kr
|
