Amazon in the race for acquiring 60% stake in Indian firm Flipkart

A majority of Flipkart stakeholders bat for a cashout deal rather than a shareswap with the American online retail giant as it prompted SoftBank to propose that it is ready to pump in additional Dollars 4 billion in Flipkart, which could be utilised to shop for stocks from smaller buyers and help it hold around 20 per cent stake in the integrate with Amazon, the ToI report mentioned. The Walmart-Flipkart deal would be Form 1 and an Amazon-Flipkart deal Form 2, said legal experts.

CNBC TV-18 reported that Amazon's bid is likely to be on par with Walmart's.

While most other investors are keen Walmart's cashout deal, SoftBank, keen on maintaining its 20% in the combined Flipkart-Amazon entity, would like to invest the additional amount that can in-turn be deployed to buy shares from smaller investors.

Reutersin April reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June.

Inc. (AMZN) stepped up its battle for Indian e-commerce dominance, formally making an offer for Flipkart, the local internet retailer that is in deal talks with Walmart Inc.

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The Flipkart deal would also propel the Bentonville, Arkansas-based retail behemoth to hasten its online expansion into remaining Asian markets, the sources added.

At the time of last month's announcement, local media reported that Amazon was seeking a possible counteroffer to Walmart's. The Amazon bid is pegged at about $22-23 billion.

The sharp fall in the share price of InterGlobe Aviation, the company that operates IndiGo, has come under the regulatory scanner. Flipkart has been valued at around $20 billion and its major investors include SoftBank (23% stake), Tiger Global (20% stake), Naspers (16.6% stake) and Accel Partners (one of the early investors in Flipkart that hold less than 10% stake). The US retailer is pushing to expand its presence in India.

The logo of Amazon.com Inc is seen in Sao Paulo, Brazil October 17, 2017. Both Walmart and India's homegrown e-commerce leader stand to gain much if this long-speculated deal goes through. Chasing a business started by two former employees suggests the $760 billion e-commerce giant is anxious by the idea of its main local rival joining forces with Walmart.

Walmart's shares were 0.84 percent down at $86.67 during afternoon U.S. trading.

(Copyright © 2015. All Rights Reserved.)
 
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