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The Economic Times
The Economic Times
Technology

Alibaba bids $1.5 billion for China grocer Pupu in Meituan fight

Alibaba Meituan China Charu Chanana

Alibaba Group Holding Ltd. is offering $1.5 billion to buy Chinese grocery delivery firm Pupu, initiating a bidding war as part of a broader campaign to wrest market share from online commerce rival Meituan.

China’s largest consumer internet platform’s proposed price is more than double an earlier bid from Sun Art Retail, according to people familiar with the matter. Sun Art, a former Alibaba affiliate that’s now backed by private equity firm DCP Capital, had proposed a takeover at $600 million, the people said, asking not to be identified because the sale process is confidential.

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