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Provider: Reuters Investment Profile
$20.00

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KT Corp To Drop Bid To Buy Vivendi SA's Stake In Itissalat Al Maghrib Ste SA-DJ


Monday, 15 Apr 2013 04:53am EDT 

Dow Jones reported that KT Corp will drop its initial bid to buy Vivendi SA's controlling stake in Itissalat Al Maghrib Ste SA, in what would have been the biggest-ever cross-border deal by a South Korean company. Under the deal, Vivendi's 53% stake was valued at roughly EUR5.5 billion ($7.19 billion). French conglomerate Vivendi S.A. has been trying to shift away from the telecoms business toward focusing on media assets like U.S.-based Universal Music Group and French TV and movie giant Canal Plus. Vivendi has been auctioning off both Maroc Telecom and its Brazilian phone and broadband unit GVT Aside from KT Corp., Ooredoo QSC, Emirates Telecommunication Corp Ltd, or Etisalat, and France Telecom SA were among a number of potential bidders that expressed preliminary interest in Maroc Telecom last year.