May 14, 2002 – Seoul, Korea – LG Electronics Co. said rumors that it plans to acquire Hynix Semiconductor Inc. are false.
“We and Hynix haven’t even talked about such a possibility. It’s totally groundless,” said a spokesman at LG Electronics.
Dow Jones reported that LG Electronics said that it has no intention to buy Hynix in the future.
Hynix’s board last month vetoed a $3 billion creditors-endorsed plan to sell its key assets to Micron Technology Inc. The Korean chipmaker’s board then approved a plan last week to split up the company for a potential sale.