South Korea's KT drops bid for Moroccan telco citing price

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.

KT has been seeking to expand its business overseas 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.