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Emaar Malls bids for Souq.com - report

Monday 27 March 2017 | 15:05 CET | News
Emaar Malls has tendered a bid for online retailer Souq.com in a challenge to an offer made by Amazon.com, Bloomberg reported, citing people familiar with the matter. The retail division of Emaar Properties, run by Mohamed Alabbar, offered about USD 800 million for Souq.com, which includes a convertible deposit of USD 500 million, one of the people said, asking not to be identified as the talks are private. Amazon has an exclusivity clause in its buyout talks for the online retailer, the person said.

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Categories: Internet / Mobile & Wireless
Companies: Amazon
Countries: United Arab Emirates
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