SK makes solo bid for Hynix Semiconductor

SK Telecom Co., South Korea's top mobile carrier, submitted Thursday a final bid for a 15 percent stake in Hynix Semiconductor Inc., creditors said, salvaging the high-profile deal. Creditors-turned-shareholders of Hynix Semiconductor said they received a solo bid from SK Telecom after closing final bidding at 5 p.m. The stake is estimated to be worth around 1.5 trillion won (US$1.3 billion). Shareholders of the chipmaker have extended the bidding deadline twice to lure more prospective buyers after shipbuilding giant STX Group's departure left SK Telecom as the sole bidder for the stake. Market speculation had been rampant that SK Telecom might not join the final bidding in reaction to an investigation by prosecutors into embezzlement allegations involving the SK Group owner. Prosecutors are investigating allegations that SK Group Chairman Chey Tae-won and his younger brother had embezzled nearly 100 billion won from subsidiaries. Shares of the chipmaker fell 2.49 percent to close at 21,500 won on the main bourse.