eBay In Talks To Buy Stake In Korean Competitor Gmarket

eBay is in talks to buy a minority stake in South Korean competitor Gmarket and is in discussions with Interpark to buy its 37 percent stake.

The companies are waiting for approval from the Korea Fair Trade Commission, eBay spokesman Jose Mallabo said.

"There can be no assurance that the KFTC will approve the possible transaction, that an agreement will be reached or that a transaction will occur," Mallabo said in a statement.

Interpark is the largest shareholder in Gmarket and directly held 29.3 percent stake of the company along with Interpark's chairman, Ki Hyung Lee who directly holds 7.3 percent as of December, according to Gmarket's latest annual report filed in June.

Yahoo owns a 10 percent stake in Gmarket and if the KFTC approves the transaction,