Hynix calls off its plan to sell a chip subsidiaryHynix Semiconductor has called off the company’s earlier plan to sell its System IC unit, which has undergone an in-house resuscitation program. The semiconductor company’s creditors informed Citigroup, that had shown an interest in buying the unit, of the decision yesterday. In order to raise cash, Hynix Semiconductor and the company’s creditors have been negotiating the sale of the non-memory semiconductor company’s assets since August. “The offered price did not reach the expectations of the creditors, and because the company’s value went up, influenced by the recent improvement of the semiconductor market, the creditors decided it not to sell,” an official at one of Hynix’s creditors said. Hynix Semiconductor is working on a strategic alliance with ST Micro-Electronics, a European semiconductor manufacturer, to set up a joint-venture semiconductor manufacturing plant in China.
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