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S. Korea's leading mobile carrier denies US telecom giant takeover
10/7/2007 15:53

SK Telecom Co, South Korea's biggest mobile carrier, denied a report today that it may acquire US telecom giant Sprint Nextel Corp to strengthen its presence in overseas markets.
"It is totally groundless," said SK Telecom spokesman Song Gwang-hyun "The report is based on rumors and we haven't considered it."
The Korea Economic Daily reported earlier that SK Telecom is pushing to buy the third-largest mobile service provider in the U. S. and contacting private equity funds for that purpose.
SK Telecom holds more than half of the 40 million subscribers in South Korea's wireless market.
Last year, SK Telecom built a strategic alliance with China Unicom Ltd, China's No. 2 mobile operator, by purchasing 1 billion-US dollar worth of its convertible bonds. In Vietnam, SK Telecom expects it will attract more than 3 million users of its mobile service by the end of this year.