American depositary receipts were trading higher in the premarket on a report
plans to buy a stake in the company.
According to the
newspaper in Seoul, Microsoft plans to spend $600 million for a 5% stake in Korea Telecom, which is currently 40%-owned by the government. The companies reportedly plan various fixed-line and wireless agreements as part of the pact.
Korea Telecom ADRs recently were gaining 34 cents, or 1.6%, to $22.15 on Instinet. Microsoft was gaining $1.01, or 1.5%, to $66.80.