DACOM and Hanaro in hunt for Thrunet

South Korean telcos DACOM Corp and Hanaro Telecom are reported to be vying for control of troubled rival Thrunet in a bid to ramp up their respective internet businesses. Thrunet has been on the market since it filed receivership proceedings in March; the company faltered after spending heavily to catch up with its rivals in a highly competitive local market. Hanaro says it expects to tender a letter of intent tomorrow, while DACOM has also expressed an interest in bidding. South Korea’s dominant telco KT Corp has also said it may join the hunt as it is looking for new revenue streams to shore up its traditional fixed line services.