eBay says to buy more shares of Korean peer

eBay Inc said it has agreed to buy $325 mn worth of shares of Internet Auction, raising its ownership to 86% from 62%.

Internet auctioneer eBay Inc said on Tuesday it has agreed to buy $325 million worth of shares of South Korean online trading peer, Internet Auction Co Ltd, raising its ownership to 86 per cent from 62 per cent.

eBay, based in San Jose, California, also said it intends to start a tender offer in coming weeks for the remaining shares of Internet Auction Co Ltd.

eBay bought the shares at 125,000 won a share, compared with Tuesday's closing price of 102,800 won.