Tencent offers to buy remaining stock in travel firm eLong

Internet conglomerate Tencent (0700.HKG) has offered to buy the remainder of mainland travel firm eLong (LONG.NASDAQ) for US$622 million, The Wall Street Journal reported, citing a valuation of the potential transaction from data provider Dealogic. Tencent already owns stakes in eLong giving it effective control of around 15% of the company, which prior to the offer had a market capitalization of US$521 million. In May, Expedia (EXPE.NASDAQ) sold its majority stake in eLong for US$671 million to a consortium of buyers including Ctrip.com International (CTRP.NASDAQ).