Amazon almighty had an unusual experience this week. It was effectively told to 'get lost' by Dangdang, China's largest Chinese language shopping website. Or so reports the Beijing Daily.
The abrupt dismissal follows six months of negotiations, during which Amazon dangled $150 million (1.24bn yuan; €124.48m; £82.28bn) beneath the noses of Dangdang's shareholders. They had no problem with the money, no problem whatever! The fly in the ointment was what the US giant demanded in return: a 90% stake.
According to the newspaper report, Amazon would have been welcome as a minority shareholder or strategic investor; but no way was Dangdang prepared to cede control -- even after assurances were given that its brand name and management would be retained following an acquisition.
Data sourced from: Beijing Times; additional content by WARC staff