(Bloomberg) — Alibaba Group Holding Ltd. will invest about $3.6 billion to double its stake in Sun Art Retail Group Ltd., taking control of one of China’s largest hypermarts to try and fend off rivals like JD.com Inc. in e-commerce’s hottest growth arena.Alibaba will raise its direct and indirect stake in the grocery chain to about 72% by acquiring equity from Auchan Retail International SA, then make a general offer to shareholders to buy out the rest of Sun Art. The latter Hong Kong-listed company leapt 11% early Monday.Alibaba Chief Executive Officer Daniel Zhang has made the expansion into physical …read more
Source:: Yahoo Finance
