Ebay seeks to consolidate South Korean market share by buying GMarket
14th August 2008 10:55 am
EBay has said it is looking to buy a minority stake in South Korean online auction site Gmarket. Ebay and GMarket are currently battling it out for market share in South Korean and if EBay being a full scale takover of Gmarket it would consolidate eBay’s position as the world’s largest auction site. Shares in GMarket have been lifted by as much as 16 percent as the news broke.
EBay is in discussions with Korean based Interpark Corp to buy it’s stake an eBay spokesman said. The companies are seeking to gain approval from the Korea Fair Trade Commission.
“There can be no assurance that the KFTC will approve the possible transaction, that an agreement will be reached or that a transaction will occur,” eBay’s Jose Mallabo said in a statement. If they were given the go ahead this would clear the way for EBay to look at aquiring the 10% stake held by Yahoo.
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