Seoul - South Korean conglomerate Hyosung Group has submitted a bid to buy 28 per cent of chip manufacturer Hynix, a media report said Tuesday. Hyosung is the only interested party to have responded to a sale offer from a group of creditors, the national news agency Yonhap reported citing the Korea Exchange Bank (KEB).
The KEB and other creditors, who are also part owners, want to dispose of around 28 per cent of the world's second largest memory chip manufacturer.
The shares have a market value of 3.65 trillion won (3.04 billion dollars).
Hyosung submitted a statement of its intent by the deadline on Tuesday.
Hyosung is involved in chemicals, textiles, industrial systems and trading.
Two weeks ago the shareholders invited 43 South Korean firms to take part in the bidding process.
According to the KEB's plans, a preferred bidder is due to be chosen by the end of November.
Hynix was saved from collapse by the banks eight years ago after a drastic fall in the price of DRAM chips. In 2005, the company was freed from the control of its creditors, part of whose claims were turned into shareholdings.
