HONG KONG, Nov 20 (Reuters) - Internet giant Alibaba Group Holding Ltd said it would buy an aggregate direct and indirect stake of 36.16 percent stake in China’s top hypermarket operator, Sun Art Retail Group Ltd, for a total HK$22.4 billion ($2.9 billion).
As part of a strategic alliance with Auchan Retail S.A. and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail was also increasing its stake in Sun Art, Alibaba said in a joint statement.
The deal would give Auchan Retail, Alibaba Group and Ruentex 36.18 percent, 36.16 percent and 4.67 percent stakes respectively in Sun Art, the companies said in the joint statement.
In a separate statement, Sun Art said Alibaba’s Taobao China Holding Ltd would make a general offer for the company at HK$6.50 apiece.
Trading in Sun Art shares, which were suspended on Nov. 13, will resume on Monday.
$1 = 7.8115 Hong Kong dollars Reporting by Donny Kwok; Editing by Stephen Coates