Hynix union comes out fighting
Brothers hate Micron
South Korea's unions are possibly the most ferocious in the developed world, and the brothers at Hynix are no exception.
They hate the Micron deal, struck yesterday, which will see Hynix become a Micron sub for $3.4bn in shares, and they're threatening to go on strike - not because of the terms, but because they don't want Micron, Full stop.
Take a look at the sentiments expressed in this Reuters report.
"What's the rush at a time when chip prices are rapidly rebounding? We are ready to sacrifice anything to block the sale," the Hynix union said in a statement.
"A job guarantee after Micron takes over Hynix is not the main issue. We opposed the sale and we would stage a strike if creditors accept the MOU," said Huh Jung-woo, a leader of Hynix's union.
Micron has guaranteed to retain at least 85 per cent of Hynix employees for two years after completion of the takeover. Doesn't look like that's enough: unfortunately, it can do little about the fact that it is American - the main bone of contention with its putative employees.
If the Hynix union does call anything longer than a symbolic walk-out, then the Korean company could end up in really serious trouble. ®