Nov
20

Alibaba Bets $2.9 Billion It Can Take on Wal-Mart in China

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  • Online giant will buy a stake of over 36% in Sun Art Retail
  • Deal arms China’s largest hypermart player for battle

Alibaba Group Holding Ltd.’s $2.9 billion deal to buy a slice of China’s largest hypermart chain pits it against Wal-Mart Stores Inc. in the world’s largest retail arena.

China’s biggest e-commerce company agreed to acquire 36 percent of Sun Art Retail Group Ltd., which operates about 400 hypermarkets under the Auchan and RT-Mart banners. As part of the deal, France’s Auchan Retail SA will raise its stake in the Hong Kong-listed company to a similar level, and form an alliance with the internet giant to tackle the same Chinese food retail sector Wal-Mart’s targeting…

Alibaba Bets $2.9 Billion It Can Take on Wal-Mart in China

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Categories : Finance

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