Alibaba Group to pay US$3.6 billion to take control of China’s biggest hypermarket operator from French billionaire Mulliez family squib

Alibaba Group is taking control of China’s largest hypermarket operator Sun Art Retailing from the French billionaire Mulliez family, boosting its stranglehold on e-commerce as the Covid-19 pandemic intensified efforts to integrate online and offline shopping.Alibaba, which runs Taobao, the world’s largest online marketplace, will pay HK$28 billion (US$3.6 billion) to raise its effective stake in the Hong Kong-listed group to 72 per cent, according to a company statement. It will effect the…
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