Report eBay to buy stake in SKorean auction site
pSEOUL, South Korea (AP) — EBay Inc. will purchase a substantial stake in the operator of a leading South Korean online marketplace, a news report said Monday./p pOnline newspaper edaily reported that eBay will buy a 34.21 percent stake in Gmarket Inc. from Interpark Corp. and its chairman Lee Ki-hyong for $24 a share, or $413 million./p pEdaily, which quoted an unnamed industry source in mergers and acquisitions, said the deal was clinched last week during a visit to South Korea by eBay Chief Executive John Donahoe./p pThe deal would make eBay the largest shareholder in Gmarket, the report said./p pAn investor relations official at online shopping mall Interpark, who refused to give her name, said, however, that there was no assurance of a deal, a position confirmed by company spokeswoman Lee Eun-young./p pPaul Lee, general counsel for Gmarket, said his company was not in a position to comment./p pInterpark shares rose 2.9 percent to close Monday at 6,650 won ($5.05) after rising as much as 11.5 percent earlier. Gmarket is unlisted./p pSan Jose, California-based eBay said in September it received preliminary conditional approval from South Korean regulators for its potential purchase of a stake in Gmarket./p pThe online auction site had announced in August it was in talks with Interpark and its chairman./p pIf eBay does
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