Flipkart board approves selling 75 pc stake to Walmart for $15 billion

Amazon halts its construction in Seattle

Amazon halts its construction in Seattle

The US retail giant was in talks with Flipkart for around a year to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.

According to TOI, Flipkart's largest investor SoftBank and Bansal were aligned in pursuing a merger deal with Amazon, which didn't get the backing of the majority shareholders. This means the American giant will be spending at least $14.6 billion in the cash-and-stock buyout.

Earlier this week, Inc42 reported that Flipkart has set aside $400 Mn to buyback shares of minority investors.

97 dead as dust storm brings down houses in India
In the western state of Rajasthan , the Press Trust of India news agency said that 27 others died and another 100 were injured. In Uttar Pradesh, "40 to 50" people were killed in sandstorms, State Revenue and Relief Commissioner Sanjay Kumar told ANI .

The move is said to be in line with Flipkart's efforts to ease of the acquisition deal with Walmart.

Amidst this, according to a report by Factordaily, Walmart has chose to pay a whopping $14.6 billion in cash and stock to acquire 73 per cent stake in the biggest e-commerce company in India. It had invested $2.5 billion in Flipkart in 2017, when the company had a lower valuation.

In December past year, Flipkart Ltd, the Singaporebased parent entity of the Indian e-commerce giant, had bought back shares worth close to $800 million from investors including Tiger Global, Accel Partners, and DST Global. But this week, according to a report by CNBC affiliate CNBC-TV18, the deal appears to not be quite final; Amazon has tendered a competing offer-complete with a $2 billion "breakup fee" to cover the cost of a potentially scuttled deal. Flipkart's other co-founder Binny Bansal, who isn't related to Sachin Bansal, could remain on in some capacity as Walmart is said to be keen on retaining only one of them.

30th match (N), Indian Premier League at Pune, Apr 30 2018
Chennai reclaim the top position in the points table with that win while Delhi sill remain at the rock bottom of the points tally. After the departure of the former Australian all-rounder, the risky combo of Rayudu and Dhoni got together in the 14th over.

When contacted, a Flipkart spokesperson said, "There have been speculations for the last six months of Flipkart being in and out of negotiations with several parties".

Emails sent to Flipkart and Walmart did not elicit any response. Any Flipkart-Amazon deal would have come under the scanner of the competition watchdog given their dominant market share - around 70 per cent collectively - in the Indian e-commerce market.

The world's largest online retailer has been pouring billions of dollars into India to ship goods to shoppers faster, contributing to growing losses internationally. It will also be one the biggest acquisition deals by Walmart.

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The White Sox have lost 3.9 units and are 3-3 ATS when facing a left-handed starting pitcher this year. I'm going to stick with Lopez to have a strong start here and help the White Sox bag a win in game two.

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