SAN JOSE, Calif. - State-run Korea Finance Corp. is ''mulling a plan' to buy a large stake in Hynix Semiconductor Inc.-if the memory maker can't find another suitor, according to the JoongAng Daily.
No decision has been made. Amid an upturn in business, Hynix remains in a holding pattern in regards to gaining a new majority shareholder. Creditors own a controlling 28 percent stake worth around $3 billion in Hynix. A consortium of banks, former creditors and now owners of Hynix sold a 6.7 percent stake in Hynix for about $814 million in mid-March. This was part of a plan by the group led by Korea Exchange Bank (KEB) to unload a total of 13 percent of the company this year.
Prospects to unload those shares appear to be dim. Creditors can’t find a suitable buyer. LG Electronics Inc. recently rejected a plan to buy the shares. Reports have surfaced that LG may re-visit that plan.