BlackRock raises stake in SK hynix to 5.08%
[THE INVESTOR] BlackRock, the world’s largest asset manager, said on May 14 it has raised its stake in chipmaker SK Hynix to 5.08 percent. Based on the closing price on the day, the asset value is estimated to reach 3.15 trillion won (US$2.93 billion).
The US-based firm has become the third-largest shareholder in the nation’s second-largest chipmaker after SK Telecom with 20.7 percent and National Pension Service with 10 percent.
The latest stake purchase comes after BlackRock revealed it owns a 5.04 percent stake in LG Electronics last week. In Korea, a stake purchase of more than 5 percent in a listed firm should be disclosed to the public within five days of the ownership.
Industry watchers say it seems unlikely for BlackRock to engage in the management of the two firms at least for now like activist hedge fund Elliott is doing with Samsung and Hyundai Motor. BlackRock, which handles more than US$6 trillion globally, usually makes long-term bets.
By Lee Ji-yoon (firstname.lastname@example.org)