Emaar Malls has made a USD 800 mn bid to acquire Souq, challenging Amazon’s USD 650 mn offer to the regional online retailer, Bloomberg reports, citing sources close to the transaction. The regional malls giant’s offer includes a USD 500 mn convertible deposit, according to the sources, and no final offer has been reached with either party. A source from Souq had said last week that Amazon and Souq were in negotiations on valuation, future plans for the company, and its trade name, and that the two companies would finalize the transaction this week.

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