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Sunday, 26 March 2017

Emaar Malls Bids for Dubai's Souq.com to Challenge Amazon - Bloomberg

Emaar Malls Bids for Dubai's Souq.com to Challenge Amazon - Bloomberg:

"Emaar Malls PJSC, the shopping-center unit of Dubai’s largest publicly-traded property developer, bid for online retailer Souq.com in a challenge to an offer made by Amazon.com Inc., according to people familiar with the matter.

The retail division of Emaar Properties PJSC, run by Mohamed Alabbar, offered about $800 million for Souq.com last week, which includes a convertible deposit of $500 million, one of the people said, asking not to be identified as the talks are private. Amazon has an exclusivity clause in its buyout talks for the online retailer, the person said.

A final agreement hasn’t been reached with any bidder, the people said. An Emaar spokesman declined to comment. A representative for Souq.com couldn’t immediately be reached for comment. Emaar’s bid was previously reported by Arabian Business."



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