April 16, 2004 – Citigroup’s CVC fund remains interested in purchasing the non-memory chip units of Hynix Semiconductor Inc., despite a recent breakdown in year-long negotiations, according to a Reuters report.

CVC’s offer of $550 million for Hynix’ s system-integrated circuit operations, including a contract chipmaking unit and a division that makes chips for flat-panel displays and optical image sensors, reportedly was turned down on April 13, with Hynix citing a market recovery.

Hynix has been actively trying to shed its non-DRAM businesses since 2002. Earlier in the month Hynix completed the sale of 27.5% ownership in its integration arm, Hyundai Information Technology, to domestic software firm Miracom, which now has an ownership stake in that business.