이 기사는 2021년 06월 18일 06시41분 thebell에 표출된 기사입니다

South Korean retail giant Shinsegae Group has denied media reports that it has become the new owner of US-based eBay’s South Korean business, with many suspecting the sudden change in its stance could be part of efforts to further negotiate the final acquisition price.

Shinsegae’s Emart, which participated in the bidding for eBay Korea, said in a filing on Wednesday that discussions with eBay Inc are still ongoing and the deal has not been finalized.

Shinsegae also noted that it has yet to be told by the US ecommerce company that the conglomerate’s supermarket chain is selected to be the winner of the bidding process, stressing that further negotiations are needed before finalizing the deal.

Media reports about Shinsegae’s victory in the bidding war for eBay Korea came after Lotte Group, which was the only rival bidder to Shinsegae, confirmed that it had withdrawn from the bidding process.

Shinsegae’s cautious response to the media reports contrasts with the strong interest the conglomerate has been showing in acquiring eBay Korea in a bid to catch up with online retail competitors in the domestic ecommerce market.

After receiving binding offers from Shinsegae and Lotte earlier this month, the US company conducted another round of bidding, hoping that competition between the two retail giants would drive up the sale price. However, only Shinsegae raised its offer, whereas Lotte did not submit a fresh bid.

Many point out the expensive price as the reason for Shinsegae avoiding to confirm that it is the winner of the bidding. Ebay Inc has reportedly made it clear that the final candidate selected in the bidding process would become a buyer of its South Korean unit without additional negotiations. It is said that there are also penalties for violations.

The sudden shift in Shinsegae’s stance could indicate the conglomerate’s interest in acquiring eBay Korea has been somewhat cooled, industry watchers said. Some speculate a scenario where the deal ultimately falls through.

“Lotte’s withdrawal from the deal seems to put Shinsaegae in an awkward position,” said a source close to the bidding process.

“Confirming it wins the bidding would mean that Shinsegae has to pay its bid price without further negotiations. This explains its cautiousness.” (Reporting by Eun-jin Choi)