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

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222