Alibaba agrees to buy US$2.88bn stake in Sun Art

JOINT VENTURE: Ruentex and France-based Auchan are to be joined by Chinese giant Alibaba in a move to blend online and offline sales in China’s retail sector. Two listed units of the Ruentex Group (潤泰集團) yesterday confirmed that Chinese e-commerce giant Alibaba Group Holding Ltd (阿里巴巴) would acquire a 36.16 percent stake in their joint venture that operates a hypermarket …

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