US-based retail giant Walmart has announced that Flipkart’s minority shareholder Tencent would have the first “right to purchase” if any shareholder of the Indian e-commerce firm sells “any shares or other equity securities to Alibaba.”
Flipkart’s investors would have to give “written notice of at least five business days prior” to Tencent for such transfer or sale of share, according to the share issuance and acquisition agreement filed by Walmart with the US Security and Exchange Commission.
“No shareholder shall transfer any shares to Alibaba unless Tencent be given written notice of at least five days and Tencent shall have the right to purchase all of the shares,” reads the document.
Full Content: India Times
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