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Business deals

Tencent and Kakao battle for South Korea's biggest game company

Estimated $12bn deal seen as a game changer in Asian market

Bidders for Nexon are attracted by the South Korean game developer's numerous hit titles. (Image from Nexon website)

SEOUL/HONG KONG -- Big-name Asian tech companies are facing off to acquire South Korean game company Nexon, in a deal that is expected to reach $12 billion and reshape the industry landscape.

Chinese powerhouse Tencent Holdings emerged as a shortlisted bidder for the Tokyo-listed Nexon this week. It is up against Kakao, the operator of South Korea's top messaging app, as well as other contenders, such as No. 2 South Korean game developer Netmarble.

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