Wednesday, July 23, 2008

SK Telecom says it doesn't plan on buying Sprint

Source:
http://www.unstrung.com/document.asp?doc_id=159366

"In a move meant to quell speculation, SK Telecom said Thursday it was not planning to buy a controlling stake in any U.S. wireless company.
The rumors began to swirl Tuesday after business channel CNBC reported that the Korean wireless company was seeking to purchase Sprint Nextel Corp. But later reports indicated that the two companies discussing a strategic partnership to develop new handsets and services.


"We are studying various business opportunities in the United States but are not seeking to take control in (any) major U.S. mobile operator," SK Telecom said in a filing with a Korean stock exchange. Additionally, SK Telecom is believed to be seeking to make a minority investment in the U.S. wireless company. Sprint had previously rejected a $5 billion investment offer from SK Telecom last fall.

A potential deal could benefit both companies, which use CDMA technology to run their networks, making a potential collaboration easier. "

Well, that's what they are saying now. But Sprint's stock is cheap and it has millions of US customers...So there is always a possibility of some stake!

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