Daum to Buy Online Auctioneer Onket

Daum communications corp., S. Korea’s second largest Internet portal said Thursday that it plans to acquire online auctioneer Onket for 4.25B won ($US4.2M) in an apparent move to become more competitive with eBay’s Internet Auction which has 10M users in a market with 36M Internet users. Daum will acquire a 90% stake in Onket from Inicis.