SK Telecom withdraws $324 million sale of Posco shares

The cancelled block trade accounted for 1.15% of the Korean steelmaker and was offered at a discount of up to 4%. Meanwhile, a controlling shareholder in Hong Kong-listed Hop Hing sells $91 million worth of shares.

SK Telecom withdraws $324 million sale of Posco shares
Flagging: Posco shares lost 1.1% on their third straight day of declines

It has been a busy start to the week with several sizeable block trades and a couple of convertible bonds done in Asia, but jittery markets in Europe and the US finally took their toll last night, forcing SK Telecom to pull a planned sell-down in Korean steelmaker Posco.

The Korean telecom company, which owns about 2.85% of Posco, was aiming to raise up to $324 million from the sale of approximately 40% of its...

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