SK Telecom: Not Seeking to Take Over Sprint Nextel

SEOUL -(Dow Jones)- SK Telecom, South Korea's largest mobile carrier by revenue, Thursday said it isn't seeking a controlling stake in a major U.S. wireless operator.

But SK is looking at various business opportunities in the U.S. market, the company said in a regulatory filing, in a response to the request by the Korea Exchange earlier in the day that it clarify a media report the mobile carrier wants to take over a U.S. telecom company.

The Wall Street Journal reported Wednesday, citing people familiar with the matter, that SK Telecom and Sprint Nextel are in preliminary talks to form a strategic partnership to develop new handsets and services.

The companies have discussed the idea of SK Telecom making a minority investment in Sprint, but they aren't discussing an outright merger, The Wall Street Journal said.

-By In-Soo Nam, Dow Jones Newswires; 822-2198-2234; In-Soo.Nam@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 17th July 2008