SK Telecom sells $396 mln stake in South Korea's POSCO

SEOUL Mon Oct 8, 2012 1:04am EDT

SEOUL Oct 8 (Reuters) - SK Telecom Co Ltd, South Korea's top mobile operator, sold half of its 2.85 percent stake in steelmaker POSCO for 440 billion won ($395.91 million) before the stock market opened on Monday, an SK Telecom spokeswoman said.

The spokeswoman said SK Telecom sold a 1.43 percent stake in POSCO, in which billionaire investor Warren Buffett's Berkshire Hathaway is a shareholder, at 353,100 won per share, a discount of 3.26 percent to POSCO's Friday closing price. Foreign investors were the buyers of the stake, the spokeswoman said.

SK Telecom had announced a block sale of part of its POSCO stake in late September to improve its financial structure and secure cash for potential investments, but postponed the sale citing market conditions.

Morgan Stanley was the bookrunner for Monday's sale.