S. Korea's KT bids for Vivendi stake in Maroc
December 27, 2012, 12:16 am TWN
SEOUL--South Korean mobile operator KT said Wednesday it has submitted a preliminary bid for French group Vivendi's stake in Moroccan carrier Maroc in a deal estimated to be worth more than US$7 billion.
KT said a letter of intent for a stake purchase was sent on Dec. 17, as it expands overseas investments to boost growth in the wake of intense competition in the saturated domestic market.
"It is part of our efforts to expand our investment abroad," a KT spokesman told AFP, without offering details.
The Korea Economic Daily said Vivendi is seeking to sell its 53-percent stake in Maroc Telecom for about 5.5 billion euros (US$7.3 billion).
KT, South Korea's second largest mobile carrier, is keen to expand its footprint in Africa and other emerging markets.
In June, KT suspended its plan to buy 20 percent of Telkom S.A. because of opposition from the South African government.
The South Korean company is targeting 3.9 trillion won (US$3.6 billion) in annual revenue from global businesses by 2015.