Hyundai Heavy Industries is planning to bid for a stake in Hynix, according to a June 8, 2011 report by Bloomberg. The stake is valued at approximately US$2.4 billion. Led by the Korea Exchange Bank, nine financial institutes plan to sell a 15% stake in Hynix that they gained during the financial downturn from 1997 to 1998. A sales process is expected to be announced by the end of June this year. Hynix was formerly known as Hyundai Electronics.