Amazon.com, Amazon.ca to merge into Amazon.co.uk
By Tom HoguePublished August 10, 2018 12:30:05A company announced plans on Tuesday to merge with rival Amazon.au, in what could be one of the biggest mergers in history.
The announcement came just hours after Amazon.cn announced it was closing down its online bookstore, a move that had caused massive anger and speculation.
Amazon.ua announced on Wednesday it would buy e-commerce giant Flipkart for $26.5 billion.
The announcement from Amazon.net is not the only one that could cause a stir, with analysts warning it could hurt the company’s share price.
“It’s really going to hurt Amazon, and if you can’t get the shares back, it’s not going to be a good outcome for you,” said Jim O’Neill, chief investment officer at the investment bank KKR.
Amazon.com had been struggling to sell books online after its parent company, the internet giant, bought online retailer Barnes & Noble.
That move came after Barnes & Nobel announced it would close its online stores this year.
But after Amazon’s acquisition of Flipkard, it started selling more e-books, which brought the company in line with competitors such as Google and Facebook.
The company said it would continue to invest in its e-book business and that it was also planning to introduce a new format to Amazon.
Com, which will include an Amazon App store and online shopping.
Amazon has also said it is working on creating a “smart shopping” service, which could include shopping apps.
Amazon’s shares jumped nearly 1 per cent to $76.10 at the close in Sydney.
It has lost more than half its value since the start of the year.