SK Telecom Sole Bidder But BMI Still Struggles To See A Good Fit

South Korean shipping conglomerate STX Group has dropped out of the bid for a controlling 20% stake in Hynix Semiconductor, thereby leaving SK Telecom as the remaining bidder. The likelihood of SK Telecom agreeing a deal with Hynix Semiconductor's creditors has, therefore, significantly increased. BMI continues to view the possible deal negatively due to the potential exposure to the highly cyclical chip manufacturing industry for the mobile operator, and we see limited benefits arising from the purchase by SK Telecom.

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