Shares in Interpark, a leading online retail company in South Korea, surged on Thursday after Ebay said it was in talks with the company to buy a stake in Gmarket, an online auction site.

Interpark is Gmarket’s largest shareholder with a 37 per cent stake. Ebay has submitted a preliminary application to the Korea Fair trade Commission (KTFC), the regulator, for approval. It would gain control of Gmarket if it buys the entire stake from Interpark.