South Korean mobile carrier SK Telecom and shipbuilder STX Group have submitted their preliminary bids to buy a 15% stake worth $2.3bn in Hynix Semiconductor, the world’s second largest memory chipmaker.
Creditors of Hynix, which include Woori Bank, the state-run Korea Finance Corporation and Shinhan Bank, will select a preferred in August and will complete the sale of their combined stake by the end of 2011.
SK Telecom showed its interest in the acquisition as it believes that convergence of the chipmaking and telecommunications businesses would enhance efficiency, while STX Group indicated it aims to diversify its business portfolio with this acquisition.
SK Telecom in a statement said semiconductor business will enable them to become a global company because it is expected to continue to grow thanks to the spread of smartphones, tablet PCs and smart TVs.
STX Group also said in a statement that it will create a consortium with others, including a Middle East sovereign wealth fund, so that it won’t need to borrow to pay for the stake.
However, ship building firm Hyundai Heavy Industries has opted out from the race as it fears that the sale would not offer any synergy with its existing businesses.
It was reported that creditors were about to strike a deal with Hyundai Group consortium that included Hyundai Heavy, Hyundai Motor Group and KCC, which could have fetched them $2.82bn.
