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Emaar Malls confirms bid for Souq.com

DUBAI, March 27, 2017

Emaar Malls,  the shopping-centre arm of leading property developer Emaar, confirmed in a statement submitted to the Dubai Finance Market (DFM) that it has submitted a $800 million bid for Souq.com, a leading UAE e-commerce platform.

The bid is in line with its strategy to align e-commerce with physical shopping, it said clarifying media reports published earlier.

"The bid has still not been accepted by the shareholders of Souq.com. If the bid is apporved, the impact on Emaar Mall's profit for the quarter in which the acquisition is completed and for the year 2017 will not be material," it said in the statement.

The Emaar Malls offer includes a convertible deposit of $500 million, sources said earlier.

The Emaar bid for Souq.com seeks to challenge an existing offer from online retail giant Amazon.

Amazon has an exclusivity clause in its buyout talks for Souq.com, a Bloomberg report said. Amazon restarted talks to acquire Souq.com in a deal valued at as much as $650 million after walking away earlier this year, said people familiar with the matter.

 




Tags: Amazon | Bid | Emaar Malls | Souq |

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