Emaar Malls offers $800M for Souq.com amid Amazon rumors
DUBAI: A subsidiary of the state-backed developer Emaar says it made an $800-million offer to purchase the online retailer Souq.com amid rumors of a possible acquisition of the website by Amazon.
A filing Monday by Emaar Malls PJSC on the Dubai Financial Market says the "bid has still not been accepted by the shareholders of Souq.com."
Officials with Souq.com and Seattle-based Amazon.com Inc. did not immediately respond to requests for comment.
Nearly 85 percent of stock in Emaar Malls is owned by Emaar Properties PJSC, the company behind Dubai's Burj Khalifa, the world's tallest building. Emaar Mall runs the massive nearby Dubai Mall.
The state-run sovereign wealth fund called the Investment Corporation of Dubai owns nearly 30 percent of Emaar Properties.