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KT says submits preliminary bid for Maroc Telecom stake
December 26, 2012 / 1:11 AM / 5 years ago

KT says submits preliminary bid for Maroc Telecom stake

SEOUL (Reuters) - South Korean telecommunications firm KT Corp (030200.KS) on December 17 submitted a letter of intent to buy a stake in Maroc Telecom (IAM.CS), a spokeswoman for KT said on Wednesday.

“It is a preliminary proposal and not legally binding,” the spokeswoman said, without elaborating.

KT Corp is considering bidding for Vivendi’s 53 percent stake in the Moroccan telecom operator, which the seller hopes will fetch 5.5 billion euros ($7.15 billion), two people familiar with the situation told Reuters earlier this month. (Reporting by Hyunjoo Jin; Editing by Chris Gallagher)

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