Shanghai — Alibaba will invest about $3.6bn to double its stake in Sun Art Retail, taking control of China’s largest chain of hypermarkets to try to fend off rivals such as in e-commerce’s hottest growth arena.

Alibaba will raise its direct and indirect stake to about 72% by acquiring equity from Auchan Retail International, and then make a general offer to shareholders to buy out the rest of Sun Art. The latter’s Hong Kong-listed stock leapt as much as 30% on Monday, its biggest intraday gain since 2011. Alibaba gained as much as 1.8% to touch an intraday record...

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