S Korea permits Hynix to separate from Hyundai

The South Korean government has permitted Hynix Semiconductor to separate from Hyundai Group and become an independent computer chipmaker. Hynix, the world’s third-largest memory chipmaker formerly known as Hyundai Electronic Industries, said it would separate from Hyundai. The government’s Fair Trade Commission approved the chipmaker’s separation after other Hyundai subsidiaries lowered their individual stakes in Hynix below 3% as required by law. Hyundai Merchant Marine and Hyundai Heavy Industries had 9% and 7% stakes in Hynix, respectively, which they surrendered to the main creditor bank of Hynix, the Korea Exchange Bank.

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