Alibaba Moves Closer to Buyout of Ele.me
The takeover of Ele.me is a key part of Alibaba’s “New Retail” strategy. Photo: VCG
* The buyout of Ele.me is an important part of Alibaba’s “New Retail” strategy
* Baidu’s exit leaves rivals Alibaba and Tencent as the dominant forces in China’s food-delivery market
E-commerce giant Alibaba Group Holdings moved closer to gaining full control of Ele.me after acquiring Baidu Inc.’s stake in China’s most-popular food-delivery startup.
Online search engine Baidu said Thursday it sold its 5% stake in Ele.me to Alibaba for $488 million. The exit of Baidu leaves its rivals Alibaba and Tencent Holdings as the dominant forces in China’s white-hot food-delivery market
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
RELATED
MOST POPULAR
- 1Exclusive: Fallen Chief of Bad-Asset Manager Had Tons of Cash — Literally
- 2 Opinion: Trump’s China ‘Poison Pill’ May Hit Australia
- 3Shenzhen Has Billion-Dollar Bailout Plan For Local Companies
- 4Spy Camera Discovery Creates Outrage at Apartment Leasing Specialist
- 5China's Stock Rout Puts $613 Billion of Share Pledges at Risk
SPONSORED
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas