Hyosung asks for extending Hynix bid deadline

SEOUL, Nov 1 (Reuters) - Hyosung (004800.KS) said on Sunday that it had asked for an extension to the deadline for its bid to take over Hynix Semiconductor (000660.KS), the world's No.2 memory chip maker.

"We failed to meet the Oct. 30 deadline for the preliminary acquisition proposal due to lack of preparation. So we have asked for a delay and are now waiting for their reply," a Hyosung spokesman said.

Korea Exchange Bank (KEB) 004949.KS, which has led the former creditor-turned-shareholders of the World's No.2 chip maker, said on Sunday that they expected Hyosung Group to submit its final decision this week.

"The deal advisers and shareholders' committee will make decision after hearing Hyosung's final position," KEB said in a statement.

Hyosung, a medium-sized firm focused on fibres and chemicals, emerged as the sole bidder in September for a 28 percent stake in Hynix put up for sale by former creditors and estimated to be worth 3-4 trillion won ($2.5-$3.3 billion). ($1=1186.1 Won) (Reporting by Seo Eun-kyung; Editing by Nick Macfie)