Alibaba Takes Control of Logistics Unit
E-commerce giant Alibaba on Tuesday announced a plan to take control of and pour 100 billion yuan ($15 billion) into its Cainiao logistics unit, aiming to build up a network that can make rapid deliveries anywhere in the world.
Alibaba Group Holding Ltd. said it would pay 5.3 billion yuan to boost its stake in Cainiao to 51% from a previous 47%. It added the new investment would entitle it to another seat on Cainiao’s board, giving it the right to name four out of seven board members.
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