Amazon offers to buy 60 percent in Flipkart

Amazon offers to buy 60 percent in Flipkart

The Walmart-Flipkart deal would be Form 1 and an Amazon-Flipkart deal Form 2, said legal experts.

Two years ago, a separate report noted that Flipkart declined an offer from Amazon to acquire 51% to 55% of its company, noting the price was too low.

Amazon's offer could kickstart a new battle between it and Walmart, already fierce retail rivals in the United States that have reportedly dueled over at least one acquisition before.

The $12 billion deal, between Walmart and Flipkart, recently got global attention in the wake of Softbank approaching Walmart's global CEO, said CNBC-TV18 report, adding that investors and founders of Flipkart are in favour of the deal with Walmart.

Amazon has made a formal offer to acquire a 60% stake in the Indian e-commerce giant Flipkart, challenging Walmart's interest in taking a 80% stake in the firm.

It is interesting to see how all this pans out and if Flipkart considers the offer from Amazon, or accepts Walmart's offer to take on Amazon head-on in what is now a fiercely fought battle in the Indian e-commerce arena. The company did not immediately respond to AFP's request for comment.

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With India seen as the next bastion of growth for e-commerce Amazon and Walmart have been picking up their efforts in the country.

The Flipkart Group, which includes Myntra and Jabong, has a combined market share of over 39.1% as compared to Amazon's 31.1% in the Indian online retail market, says a recent Forrester Research report. A source told TOI that "the shareholding agreement with Walmart is still to be signed".

Walmart has entered the final leg of negotiations to buy a majority stake in Flipkart.

Further, the American retailer could even end up spending anywhere between $8 billion and $12 billion to buy the stake, the people said. According to reports that surfaced recently, Amazon's offer, while for a smaller share of the firm, was likely "on par" with Walmart's and included a $2bn break-up fee.

Walmart has been expanding its online offerings and is looking to gain a presence in India.

Like Walmart, Amazon has been trying to expand in the Indian market where online shopping is starting to increase rapidly.

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