One-fifth of Korean populace
is registered with Gmarket

Online auction house eBay is seeking a stake in Gmarket, a South Korean online retailer, reports Reuters.

The company is negotiating with Interpark Corp., a Gmarket shareholder, to purchase its interests. News of the potential transaction sent Gmarket's shares up 15 percent on Wednesday.

Yahoo already owns 10 percent of Gmarket, whose 10 million registered users — a fifth of Korea's population — make it a significant contender to eBay in Korea. Interpark is its largest shareholder.