The dark satanic rumour mill has manufactured a hell on earth rumour that the shipmaker Hyundai Heavy Industries is about to make a bid for the giant memory chip maker Hynix Semiconductor.
A senior insider from a Hynix creditor said Hyundai Heavy is mulling over submitting a letter of intent (LOI) for the company. Nine creditors are involved in the sale including Korea Finance Corp. (KoFC), Korea Exchange Bank (KEB), Shinhan Bank and Woori Bank with the deadline for presenting an interest by July 8.
According to the local press, HHI has decided to make a sole bid for the chip maker as part of the former’s strategy of regaining the family conglomerate. Hynix was once part of Hyundai Electronics.
Textile-focused Hyosung was apparently interested but dropped its bid for Hynix.