SK Telecom trims Posco stake on second attempt

After cancelling a block trade at the end of last month, SK Telecom returns with a bigger deal during the weekend, raising $391 million.
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SK Telecom has been monetising its cross-shareholding in Posco for almost a decade
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<div style="text-align: left;"> SK Telecom has been monetising its cross-shareholding in Posco for almost a decade </div>

A little more than a week after it cancelled a previous attempt to trim its stake in Korean steel maker Posco, SK Telecom returned to the capital markets during the weekend with a slightly larger transaction. The sale, which was done as a club deal targeting only a handful of investors, raised a total of W4.38 billion $391 million.

On September 26, the Korean telecom operator was attempting to raise up to $324 million from the sale of 1 million Posco shares through Citi, Credit Suisse and Morgan Stanley. The deal came to market on a day when Korea’s Kospi index had fallen 0.6% and Posco...

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