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Tuesday | December 1 | 2020

Auchan sells its stake in Chinese food retailer Sun Art to Alibaba

Auchan accepted Alibaba’s proposal to acquire its entire stake in Sun Art (484 hypermarkets, 150.000 employees, largest market share for food in China).

The transaction will be carried out at the equivalent price of HKD 8.10 per share, which will be the basis for a public takeover bid.

On 20 November 2017, Alibaba, Auchan and Ruentex Group announced a strategic alliance that brings together online and offline expertise to explore new retail opportunities in China’s food retail sector.

As part of this strategic alliance, Auchan obtained an indirect stake of approximately 36.18%, and Alibaba invested a toal of approximately HK$22.4 billion to obtain an aggregate direct and indirect stake of approximately 36.17% in Sun Art Retail Group Limited.

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