Company Briefs: SK Hynix

China's antitrust agency has approved SK Hynix's US$9 billion (S$12.3 billion) acquisition of Intel Corp's Nand storage unit, clearing the way for a merger intended to shore up the Asian chipmaker's position in the booming memory market.

But the State Administration of Market Regulation has stipulated a number of conditions which cover matters such as pricing, supplies and avoiding anti-competitive practices.

Hynix aims to cement its position as the largest producer of Nand memory - used in servers and smartphones - after Samsung Electronics.

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Tesla

Mr Elon Musk has sold a further US$928.6 million (S$1.26 billion) of Tesla shares, moving closer to his target of reducing his stake in the electric-car maker by 10 per cent. The sale of 934,091 shares came after the chief executive wrote on Twitter that he is almost done trimming his stake in Tesla, clarifying an earlier comment that he had already reached his target.

He also clarified that more sales are coming under a pre-programmed plan. His earlier comments helped propel Tesla stock to its best day since Nov 1, rising 7.5 per cent to US$1,008.87 in New York on Wednesday, raising Tesla's value back over US$1 trillion.

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Lotte Group

Lotte Group is considering offloading its stalled theme park project in north-eastern China for at least 10 billion yuan (S$2.1 billion), according to people familiar with the matter.

South Korea's largest operator of hotels, theme parks and duty-free stores is working with an adviser to gauge interest from potential investors, the sources said, asking not to be named as the information is private. Deliberations are ongoing and there is no certainty these will result in a transaction, they said, and Lotte Group could even decide to keep the complex.

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