SoftBank: Respect Snapdeal’s move on merger

New Delhi, August 7 

SoftBank CEO Masayoshi Son today said he respected the decision of Snapdeal founders to call off merger talks with Flipkart and the Japanese firm is now pursuing separate discussions with the largest Indian e-tailer.

SoftBank, which announced its June quarter financials today, has been reported to be in talks with Snapdeal’s rival and India’s largest e-commerce platform Flipkart for investing up to $2 billion.

“We respect the decision of Snapdeal founders and we are engaged with Flipkart,” Son said after the results were announced. Son, however, did not specify the details of the discussions with Flipkart.

SoftBank holds close to 35 per cent stake in Snapdeal. Over the past few months, it had mediated the sale of the company to the larger rival. However, last week, the talks fell apart after Snapdeal said it had decided to pursue an independent path. — PTI