Alibaba to buy China mall operator in $2.6b plan

Chinese e-commerce titan Alibaba will take control of domestic department store Intime through a $2.6 billion privatisation scheme, the companies said Tuesday, sending shares of the mall operator surging.

Alibaba, and Intime founder Shen Guojun have together offered to pay HK$10 per share to buy the shares they do not already own of the Hong Kong-listed chain.

The deal will increase Alibaba's stake from 28 percent to 74 percent after it first invested $692 million in the firm in 2014. News of the deal sent Intime's shares soaring 35.7 percent to HK$9.54 in Hong Kong Tuesday.