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Alibaba to buy 36.2% stake in hypermarket operator Sun Art for $2.9 bn

As part of a strategic alliance with Auchan Retail S.A. and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail was also increasing its stake in Sun Art

Reuters  |  Hong Kong 

Alibaba

Internet giant Group Holding Ltd said it would buy an aggregate direct and indirect stake of 36.16 per cent stake in China’s top hypermarket operator, Ltd, for a total HK$22.4 billion ($2.9 billion).

As part of a strategic alliance with S.A. and Ruentex Group, would buy the stake from Ruentex while was also increasing its stake in Sun Art, said in a joint statement.

The deal would give Auchan Retail, Group and Ruentex 36.18 per cent, 36.16 per cent and 4.67 per cent stakes respectively in Sun Art, the said in the joint statement.

In a separate statement, Sun Art said Alibaba’s Ltd would make a general offer for the company at HK$6.50 apiece.

Trading in Sun Art shares, which were suspended on Nov. 13, will resume on Monday. 

First Published: Mon, November 20 2017. 08:00 IST
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