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eBay buys into South Korean auction market

Now that eBay is ridding itself of StumbleUpon and spinning off Skype into a standalone company, it can focus on what it does best: auctions and sales. Reuters reports that eBay has offered to buy South Korea's Gmarket for as much as $1.2 billion.

Gmarket is the top e-commerce site in South Korea. Right now Yahoo! owns a 10 percent stake in the company, which it has offered to sell to eBay, which already runs an online auction site in that country. The plan is to combine ebAy's auction site with Gmarket.

Tags: ebay, gmarket, news, south-korea