Abu Dhabi's Aabar eyes bid for world's No 2 chipmaker

Abu Dhabi state-owned fund Aabar has teamed up with South Korea's STX Corp to bid for the world's No.2 memory chipmaker Hynix Semiconductor, a source close to the matter said on Wednesday."Aabar is fine-tuning investment details with STX and three or four small funds will come along with Aabar," the source told Reuters, declining to be named due to the sensitivity of the issue.Shipbuilding to shipping group STX declined to comment. Aabar was not immediately available to comment. The collaboration of STX and Aabar, the largest single stake owner in both German automaker Daimler and global commodities trader Glencore , comes as the planned sale of Hynix is in doubt with shareholders yet to reach an agreement on bid structure. Controversy over the possible sale of new shares in Hynix in conjunction with major shareholders' existing stake, worth up to $2.3 billion, and fears of the impact of a fresh recession on Hynix's highly cyclical business have clouded prospects for the deal. STX and rival bidder SK Telecom , which submitted initial proposals, are currently doing due diligence. Final bids are due around mid-September.The South Korean firm has said it will fund half of any Hynix acquisition from Middle East-based funds. From / Arabian Business News