Amazon offers to buy 60% stake in India's Flipkart
Amazon offers to buy 60% stake in India's Flipkart: CNBC-TV18. Amazon.com. CNBC-TV18. Amazon.com. has made a formal offer to buy a 60% stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, citing sources.
Amazon also offered Flipkart a breakup fee of $2B, the TV channel reported. Amazon’s bid is likely to be on par with Walmart’s bid for the Indian e-commerce company, CNBC-TV18 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. Read more here.