Amazon to acquire Joyo.com

Amazon.com plans to buy China internet retailer Joyo.com for close to US$75 million. The acquisition will become US-based online bookseller Amazon.com's seventh global website. Analysts said that the purchase was part of an Amazon strategy to raise global sales growth rates after seeing US growth dropping in recent months. Joyo.com rival Dandang.com executives said that Amazon.com made a US$150 million bid for their firm, which they refused.