Alibaba agreed to invest HK$28 billion to acquire 70.94 percent of the equity interest in A-RT Retail from Auchan Retail International S.A. and its subsidiary through Taobao China. Alibaba Group (9988) said it will invest HK$28 billion to acquire a controlling stake in hypermarket operator Sun Art Retail (6808), gaining further ground in China's retail market. Alibaba agreed to invest HK$28 billion to acquire 70.94 percent of the equity interest in A-RT Retail from Auchan Retail International S.A. and its subsidiary through Taobao China. A-RT Retail holds 51 percent of the equity interest in Sun Art Retail (6808). Share of Alibaba and Sun Art Retail gained,.

Source: The Standard October 19, 2020 06:33 UTC