SK Telecom’s stock rises despite canceled M&A

[THE INVESTOR] South Korea’s leading mobile carrier SK Telecom has seen its share price jump to 232,000 won (US$204) on July 26, a record high since March 2 when the firm’s stock price came in at 234,000 won.

Despite the failed merger and acquisition deal between its subsidiary SK Broadband, which offers IPTV services, and cable TV network operator CJ HelloVision, the stock price is on the rise since July 21.

The Fair Trade Commission, the nation’s antitrust watchdog, disapproved the proposed M&A on July 18 due to SKT’s ever-increasing clout in the mobile and broadcasting sectors.

Right after the FTC announced its disapproval, the stock price slightly decreased on the following two days, but it is now on a winning streak for a fourth consecutive trading day.

By Kim Young-won (wone0102@heraldcorp.com">wone0102@heraldcorp.com)