eBay has plans to sell its South Korean business for around $3.6 billion (4 trillion won), according to Korea Economic Daily.

The local newspaper said that the online marketplace is selling eBay Korea to Shinsegae Group’s E-Mart and web portal company Naver.

Shinsegae is a South Korean department store franchise headquartered in Seoul, while E-Mart is the country's largest retailer.

In a statement, E-Mart addressed the “unconfirmed” rumours, saying that on 7 June it had participated in the main bidding for the acquisition of shares in eBay Korea.

The company explained that while it is currently in discussion with eBay, the acquisition has not yet been confirmed.

E-Mart said it would publish further details once the deal had been finalised, or within the next month.

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