Tata and Temasek approve merger of Snapdeal, Flipkart
Tata group Chairman Emeritus Ratan Tata , Temasek,BlackRock and Foxconn, all high- profile stakeholders of Gurgaon-based online marketplace Snapdeal, have reportedly given in-principle approval to its mergerwith rival, Flipkart. None of them, however, could be contacted to confirm this information. Snapdeal, too, refused to comment. According to some sources, Premji Invest and Ontario Teachers’ Pension Fund, other investors of Snapdeal, have still not approved the merger. Getting a nod from the shareholders is important, as it is part of the clauses in the deal agreement. For it to go ahead, at least 75 per cent of minority shareholders have to approve the deal. “ Flipkart wants all the shareholders to agree to the deal. If that does not happen, then it might decide to not go ahead,” said a source close to the Snapdeal board. Some of the investors are SoftBank, ru-Net Holdings, Tybourne Capital, Premji Invest, Alibaba, Temasek, Bessemer Venture Partners, IndoUS...