By Kim Yoo-chul
Staff Reporter
Hanwha Group said Thursday that it has been engaged in detailed internal talks for the possible acquisition of Hynix Semiconductor.
``It is urgent for our group to secure the next growth engine. Hynix is attractive because the export-driven business structure will generate significant synergy for us,’’ a Hanwha spokesperson said.
The official added the group could collect a maximum of 3 trillion won through such means as property sales. Hanwha is also considering forming a consortium with several strategic partners or financial investors to raise more funds.
Korea Exchange Bank and other local creditors hold a combined 36.03 percent stake in the world’s No. 2 chipmaker. The creditors-turned-shareholders are looking to sell the stakes to a strategic investor. According to industry estimates, over 5 trillion won will be needed to buy Hynix, given management premium.
The creditors are now speeding up efforts to sell their stakes by the latter half of this year, internal sources said.
Hanwha has been hesitant about mergers and acquisitions since it had purchased a 51 percent stake in Korea Life Insurance for 1.6 trillion won in 2002 under a consortium with Orix.
Hynix remained cautious about Hanwha’s takeover move, saying it didn’t receive any official request such as the current financial status from Hanwha.
``No official request has been made yet,’’ Kim Jung-soo, head of the company’s investor relations team, told The Korea Times, adding that his company may cooperate with the potential buyer depending on the situation. ``Financially, Hanwha seems OK,’’ he said.
Earlier, LG Electronics decided not to take over Hynix as the acquisition would not have been accretive with its key existing businesses such as mobile phones and flat-screen TVs.