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.
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Flagging: Posco shares lost 1.1% on their third straight day of declines
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<div style="text-align: left;"> Flagging: Posco shares lost 1.1% on their third straight day of declines </div>

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 holdings at a 2% to 4% discount to the latest close

The deal was launched despite the fact that US markets had been down overnight and that most Asian markets were in the red during the day Korea’s Kospi...

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