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Naver withdraws its intention to take over eBay's S. Korean business Updated: 2021-06-22 16:30:11 KST

The South Korean internet search giant Naver has officially said it has no plans to take over eBay's local business.
Naver said Tuesday that it had considered taking over a portion of the business but decided not to in part because of the regulatory issues it would create, Naver already being number one in e-commerce, and eBay being number three.
That means the eBay acquisition, if it happens, will be done entirely by retailer Shinsegae Group, which has an e-commerce market share of three percent.
It would take over all of eBay's local business, which has a market share of 12 percent.
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