Microsoft, South Korea's LG in Mobile Pact

Microsoft (MSFT Quote) and South Korea's LG Electronics on Monday signed a preliminary agreement on a strategic collaboration in mobile technology, according to a media report.

"The agreement ensures continued strategic collaboration in R&D, marketing, applications, and services in the field of converged mobile devices," LG said in a statement, Reuters reports.

The agreement was signed during Microsoft CEO Steve Ballmer's trip to South Korea, Reuters reports.