Amazon makes one final effort to snap up Flipkart

Amazon makes one final effort to snap up Flipkart

Amazon makes one final effort to snap up Flipkart

Amazon.com has made a formal offer to buy 60 percent of Flipkart, CNBC-TV18 reported on Wednesday, potentially complicating Walmart's bid for majority ownership of the Indian online retailer.

Amazon is also seeking a non-compete agreement with Flipkart's founders. Some reports suggest that Walmart isn't out of the game and has made a counter-offer by holding out the option of floating an IPO for Flipkart that could give early investors in the company a very lucrative exit option. Talks between Walmart and Flipkart have been on for months now and the deal was expected to close soon. According to CNBC-TV18, a deal with Walmart would see the U.S. retail giant gaining three or four seats on Flipkart's ten-member board. Flipkart is Amazon's primary competitor in the country.

However, latest offer from Amazon might help Flipkart to negotiate a better deal with Walmart, said sources. In addition, Walmart would also reportedly retain Flipkart's structure and management, including CEO Kalyan Krishnamurthy.

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Reports already state that US-based retail giant Walmart is looking to buy a significant stake in the Indian e-commerce company.

However, a source clarified that while talks have been on for a while now, Walmart and some Flipkart investors, including Japan's SoftBank Group Corp., are yet to agree on the final details. The Walmart-Flipkart deal would be Form 1 and an Amazon-Flipkart deal Form 2, said legal experts. This is where SoftBank suggested that it was open to investing another $3-4 billion in Flipkart, which would be deployed to buy shares from smaller investors and help it maintain around 20% stake in the combine with Amazon.

Amazon has emerged as new contender for Indian e-commerce giant Flipkart.

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The deal would be the USA retail giant's biggest acquisition of an online business and would kick off a battle with Amazon in an Indian e-commerce market that analysts forecast will be worth $200 billion a year within a decade. A Walmart-Flipkart deal could lead to more intense price competition, retail consultants said. The company was trying to buy 51-55% of Flipkart at the time.

Flipkart's board had appeared to be leaning toward Walmart over Amazon because it thinks the deal will have fewer hurdles.

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