Lobsters and oysters on your doorstep within minutes. This is one of the goals Alibaba has in mind by spending $3.6bn to buy a controlling stake in China’s leading supermarket operator, Sun Art Retail Group. The Chinese group’s plan to increase its produce offer is a tasty one.
The deal raises Alibaba’s existing 36 per cent stake to 72 per cent, with Alibaba taking over France’s Auchan Retail International’s stake and making a general offer to shareholders for the rest.
Shares in Hong Kong-listed Sun Art rose 19 per cent on Monday, suggesting investors know Alibaba will be willing to pay up to secure the remaining stake. An offer of as much as HK$17bn ($2.2bn) is expected.
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