Ron Burgundy Posted June 11, 2014 Share Posted June 11, 2014 By Paul Carsten BEIJING (Reuters) - Alibaba Group Holding Ltd [iPO-ALIB.N] will fully acquire mobile browser firm UCWeb in the biggest merger in Chinese internet history, upping the stakes in its battle with arch-rivals Tencent and Baidu. Alibaba's purchase of the one-third of UCWeb it didn't already hold emphasises the company's push to do more business on mobile in the world's biggest smartphone market, where it is locking horns with Tencent Holdings Ltd and Baidu Inc. It also adds to a string of acquisitions, including a 50 percent stake in China's most successful football club. Once the deal closes, Alibaba, founded by Jack Ma, will have forked out almost $6 billion since the start of the year. "Jack Ma has to do everything and anything he can to expand his footprint in the mobile space," said Michael Clendenin, managing director of Shanghai-based RedTech Advisors. View the full article Quote Link to comment Share on other sites More sharing options...
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