South Korea's KT Corporation has pulled out of bidding for a stake in Moroccan telecom operator, Morac Telecom, due to differences over price.
The telco said it will not participate in the bid for a 53-percent stake held by Vivendi, according to a regulatory filing Monday with the Korea Exchange. "But we will seek various cooperation with Morac Telecom depending on the situation," KT said in the filing.
has been seeking to amid a saturated domestic market, by looking at stakes or strategic partnerships in emerging markets.
Vivendi's stake valued at an estimated US$6 billion has also attracted interest from Emirates Telecommunications (ETISALAT) and Qatar Telecom, according to Bloomberg. The sale is part of Paris-based company's plan to focus on media and content distribution and trim telecom assets outside French wireless operator SFR, it added.