Walmart (WMT) is reportedly willing to offer $10 billion-$12 billion for a controlling interest in Flipkart and has completed due diligence of the Indian e-commerce company.
XThis comes after local India reports said Wednesday that Amazon had held exploratory talks to acquire Flipkart, which has backing from Tencent (TCEHY), Microsoft (MSFT) and SoftBank, among others.
The U.S. retail giant is now eyeing a 51% stake in Flipkart, after previously weighing a 40% stake, sources told Reuters, though talks between the two are still going on. A $10 billion-$12 billion bid would value Flipkart at around $20 billion.
An Amazon takeover of Flipkart is not likely, according to Reuters, citing a source. That would spark competition fears given that two firms already dominate India's e-commerce market.
Walmart shares were down 1.3% at 86.69 on the stock market today. Amazon stock fell 3.2%.
Flipkart represents the latest battleground in the expanding global contest between Amazon and Walmart. In January, Walmart reached a deal to launch an online grocery delivery service in Japan with partner Rakuten.
Walmart also has an alliance with Chinese e-commerce firm JD.com (JD). The American company took a stake in the Asian firm after selling its Chinese online sales operation in 2016.
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The post Walmart Now Wants Flipkart Control, Offers This Much As Amazon Looms appeared first on Investor's Business Daily.
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