Reports have emerged indicating that Alibaba is planning a bid of around $1.5 billion, equivalent to approximately HK$11.8 billion, to acquire the Chinese fresh produce delivery platform Fuzhou PuPu E-commerce Co., Ltd.
According to sources familiar with the matter, the offer from Alibaba is more than double the earlier bid made by Sun Art Retail Group, potentially setting the stage for a competitive bidding war for the supermarket chain.
When approached for comment on these market rumors, Alibaba had not issued a formal response at the time of reporting.
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Alibaba Reportedly Bids Approximately HK$11.8 Billion for PuPu Supermarket Acquisition
Deep News06-15 11:31
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