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Emaar Malls against Amazon: Offers $800m for retailer Souq.com

Staff Writer |
Dubai's Emaar Malls has made an $800 million offer for Middle Eastern online retailer Souq.com, potentially setting up a bidding war with Amazon.com.

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The bid has so far not been accepted by Souq.com's shareholders, Emaar Malls said.

Reuters reported last week that Amazon had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment.

Emaar Malls, operator of the Dubai Mall, is the retail unit of Dubai's largest publicly traded property developer Emaar Properties.

Souq.com's shareholders include South Africa’s Naspers who told Reuters t holds a 36.4 percent stake in the company. Tiger Global Management also has a stake in Souq.com.


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