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"eBay has recently filed for approval (of the Gmarket stake sale) with the Fair Trade Commission (FTC)," Nam Chang-im, a spokesperson for Interpark Corp., told Yonhap News by telephone, confirming that the companies have held discussions for the sale of an undisclosed amount of shares.
U.S. media reported Wednesday that eBay and Interpark, also an online auctioneer, were seeking regulatory approval from South Korean authorities for the envisioned transaction.
Interpark is the largest stakeholder in Gmarket, holding a 29.3 percent stake of that company. Interpark Chairman Lee Ki-hyung holds a 7.3 percent share in Gmarket.
Gmarket competes with eBay's Korean unit Internet Auction Co. and has been eating into its business through lower commission fees.
"We're still waiting for the FTC's decision, after which more specific talks, depending on the outcome, will be held," said Nam.
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