hp for ($i=0; $i]+>!is", "", $news['Contains'][$i]['Body']); ?>

Amazon bids for 60% stake in Flipkart, potentially spoiling Walmart deal

Flipkart sets aside $400 million for share buyback ahead of Walmart deal

Flipkart ( India's largest e-commerce company ), which is registered as a public company in Singapore is planning to buy back its shares to get a status of a private company.

According to CNBC TV18 in India, citing sources, Amazon's offer is for 60 per cent of the Indian online store.

It is believed that the majority of Flipkart's stakeholders - including Tiger Global (which controls 20% of Flipkart), Naspers (14 percent stake) and the founders Sachin Bansal and Binny Bansal - would prefer to sell to Walmart, primarily because such a deal would face regulatory hurdles.

If Walmart succeeded in buying Flipkart, the impact on Amazon could be intense price competition from a deep-pocketed competitor, retail consultants said.

European Union member states vote to ban neonicotinoids
Some restrictions were introduced in 2013 , banning their use on a number of crops including wheat, barley and oats. European Commission officials hope the ban will come into force by the end of the year.

Representatives at Amazon, Flipkart and Walmart were not immediately available for comment. Talks between Walmart and Flipkart have been on for months now and the deal was expected to close soon. However, Amazon was indeed interested in buying Flipkart, said two sources, asking not to be named. Sources indicated that Amazon, which aggressively competes with Flipkart in the India market, has put in a matching bid along with a $2-billion breakaway fee.

The offer is likely on par with the bid from Walmart, which reportedly is preferred by major investors and the online retailer's founders. The Walmart-Flipkart deal would be Form 1 and an Amazon-Flipkart deal Form 2, said legal experts. The company was trying to buy 51-55% of Flipkart at the time.

Discussions between India's largest e-commerce firm and Walmart have entered the final stage. A deal with Flipkart would step up the Walmart-Amazon battle for a bigger share of India's e-commerce marketthat is estimated will be worth $200 billion in a decade.

People in the know said that Flipkart has that kept its options open for the initial public offer (IPO) in the future. The buzz is that the American company could bag four of the 10 seats on the board but the top management is not expected to change. However, an Amazon takeover would raise concerns over anti-competitiveness and monopolistic practices in the e-commerce industry, as the combined entity would no longer be concerned with competing against each other and would control nearly the entirety of the e-commerce market.

Related News:



Most liked

Mueller raised possibility of presidential subpoena in meeting with Trump's legal team
One asks: "What was the objective of your May 12, 2017, tweet?" Comey wrote in a memo that Trump repeatedly asked him for loyalty. That's the idea that his presidential campaign collaborated with Russians who were trying to help him to the Oval Office.

Facebook blames 'bug' for unusual hate speech prompt
Each post also gives the option to dismiss the question with a tiny "x" box to the right of the answers. Nowhere in the hate speech button portal was there an option to find the definition of hate speech.

Zuckerberg kicks off Facebook conference, launching dating feature
Instagram is now testing out the video chat feature and will roll it out globally in the coming weeks. This is already what other dating apps that rely on Facebook data do, such as Tinder .

Fortnite's Season 4 finally brings the fabled meteors
It seems like only yesterday thatPlayerUnknown's Battlegrounds was introducing gamers at large to the " battle royale " genre. The Season 4 Battle Pass is here sporting 100 tiers of awesome new rewards, including new cosmetic items, emotes and Sprays .

Joel Embiid On Game 1 Loss: "I Thought I Was Shitty"
Going up against a team like the Philadelphia 76ers , Terry Rozier is going to have to keep this up. Rozier noted his offseason preparation and hard work leading to performances like these.

Gibson, operator of Memphis guitar factory, files for bankruptcy protection
Founded in 1894 and based in Nashville, Tennessee, Gibson has the top market share in premium electric guitars. The bankruptcy filing includes a turnaround plan to refocus on guitar building.

Waffle House shooting victim died singing gospel songs
Groves was very determined and was a perfectionist, her cousin, Juanesha Rodriguez, said. "I'm not a singer". Previously, Waffle House offered to pay for the funerals of all four of the victims killed .

Hardware failure led to Toronto stock exchange shutdown, says TMX
The S&P/TSX Index was up 31 points or 0.2 per cent at 1:39 p.m., the last time Friday's trading volume was updated on all charts. The Ontario Securities Commission, meanwhile, referred all questions regarding the outage back to the exchange.

Were Analysts Bullish Mitie Group plc (LON:MTO) This Week?
With GBX 145 highest and GBX 110 lowest target, St Ives PLC has GBX 140 average target or 62.79% above the current (GBX 86) price. Credit Suisse maintained it with "Outperform" rating and GBX 1900 target in Tuesday, January 16 report.

Chiefs Go Front Seven Heavy in Rounds Two and Three
In 2015, they were neck and neck with the Broncos, 2016 it was with the Raiders, and past year it was close with the Chargers. The Jackson, Mississippi native recorded nine sacks and 15 tackles for loss in three years at Ole Miss.

Coli outbreak expands; still no source identified
Because the growing season in the Yuma region is at its end, the farm is not growing any lettuce at this time. A nation-wide outbreak of E.coli that is linked to romaine lettuce has landed in Georgia.

Acuna hits first HR, leads Braves past Reds
The losing pitcher was Shackelford (0-1), who allowed the tying run to score in the eighth and put two runners on in the ninth. White Sox 6, Royals 3 • Matt Davidson hit two of Chicago's five home runs in the first six innings in a win at Kansas City.

Sweden rule out Zlatan World Cup return
Andersson hasn't spoken to Ibrahimovic recently but insinuated having Ibrahimovic back on the team would have caused issues. Former Manchester United star Zlatan Ibrahimovi? is facing a World Cup ban over links with a betting company.

The waiting game of naming royal babies
Well, you'd learn about Queen Victoria's husband, Albert , who lived from 1819 to 1861. He even hinted about the baby's "strong" name, without giving any further clues.

Starbucks CEO apologizes for 'reprehensible' arrest of two black men
Two black men were waiting for one of their friends in the store, located at 18th and Spruce Streets, before placing their orders. He said officers were told the men had come in and asked to use the restroom but were denied because they hadn't bought anything.