Wires

SK Telecom sells $396 mln stake in South Korea's POSCO

SEOUL, Oct 8 (Reuters) - SK Telecom Co Ltd ,South Korea's top mobile operator, sold half of its 2.85 percentstake in steelmaker POSCO for 440 billion won($395.91 million) before the stock market opened on Monday, anSK Telecom spokeswoman said.

The spokeswoman said SK Telecom sold a 1.43 percent stake inPOSCO, in which billionaire investor Warren Buffett's BerkshireHathaway is a shareholder, at 353,100 won per share, adiscount of 3.26 percent to POSCO's Friday closing price.Foreign investors were the buyers of the stake, the spokeswomansaid.

SK Telecom had announced a block sale of part of its POSCOstake in late September to improve its financial structure andsecure cash for potential investments, but postponed the saleciting market conditions.

Morgan Stanley was the bookrunner for Monday's sale.

(Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)

((jungyoon.lee@thomsonreuters.com)(+82 2 3704 5609)(ReutersMessaging: jungyoon.lee.thomsonreuters.com@reuters.net))

Keywords: SKTELECOM POSCO/