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Monday, February 4, 2013

RPT-South Korea's KT to bid for Maroc Telecom-sources, (NYSE: KT)

South Korean telecoms company KT Corp has joined the competition to purchase Vivendi's 53 percent stake in Maroc Telecom, lining up banks to advise on a deal potentially worth over $6 billion, two people familiar with the situation said on Monday.Citigroup, Credit Suisse and Societe Generale will advise KT Corp and finance its potential investment in Morocco's main telecoms operator if it is successful, the sources said."With the Koreans now lining up advisory and financing options, this process is getting very competitive," said one of the sources."We still expect the Gulf bidders to have an edge but a lot of factors will come into play," he said in a reference to Qatar's Qtel and United Arab Emirates' Etisalat which have made non-binding bids.

KT Corporation a Korean-based company engaged in the provision of integrated telecommunications services. Shares of KT traded higher by 1.44% or $0.245/share to $17.30. In the past year, the shares have traded as low as $11.64 and as high as $18.23. On average, 813460 shares of KT exchange hands on a given day and today's volume is recorded at 522291.