Online advertising giant Carsales.com may launch a takeover play for its smaller rival iCar , after a company ­associated with the Kuala Lumpur-based entrepreneur, Patrick Grove , announced its intention to shed a 27 per cent stake in the business.

Carsales controls 22.9 per cent of iCar Asia, which has long been viewed as a logical buyout target for the local media heavyweight as dwindling domestic growth forces it to hunt for acquisitions offshore.