INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyA deal with Flipkart would step up Walmart-Amazon battle for a bigger share of e-commerce market.
made a formal offer to buy a 60 per cent stake in online retailer Flipkart, CNBC-TV18 reported on Wednesday, citing sources.Amazon also
offered Flipkart a breakup fee of $2 billion and is likely to be on par with Walmart Inc's bid for the e-commerce company, CNBC TV-18
reported.Flipkart's investors and founders are in favor of the deal with Walmart, with founder Sachin Bansal overseeing final negotiations
with Walmart, CNBC-TV18 said.Amazon is also seeking a non-compete agreement with Flipkart's founders, the report added.Reuters in April
reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June.A deal with Flipkart would step up
the Walmart-Amazon battle for a bigger share of the fledgling e-commerce market, which Morgan Stanley estimates will be worth $200 billion
in a decade.The Walmart global team may come to India soon to close the deal, the report added.A spokesman for Walmart declined to comment,
while Amazon said it does not offer comments on rumours and speculation.Flipkart did not immediately respond to an email seeking comment.©
Thomson Reuters 2018(Except for the headline, this story has not been edited by staff and is published from a syndicated feed.)
