No plans to up stake in Internet Auction, says eBay

Ebay, the largest shareholder in South Korea's Internet Auction, said it has no immediate plans to raise its stake in the company.

Ebay president and CEO Meg Whitman said there was no need to increase the eBay's stake in Internet Auction, as the company was happy with its 62.2% stake.

Ebay upped its stake by 12.2% in Internet Auction in a tender offer late last year, bringing its stake to 62.2 %.

Whitman added that the US retailer has no plan to change the corporate name of Internet Auction to "ebay Korea," due to Internet Auction's strong branding power in South Korea.