Alibaba to buy stake in Cainiao for up to $3.75 bln, shares up
** U.S.-listed shares of Alibaba Group BABA.N up 0.7% at $71.92 in premarket trading
** BABA on Tuesday said it was abandoning plans for an IPO of logistics arm Cainiao and offers to buy 36% of the unit it does not already own for up to $3.75 billion
** BABA said it is offering minority shareholders of Cainiao an opportunity to sell all the outstanding shares for $0.62 per share
** "Given the strategic importance of Cainiao to Alibaba and the significant long-term opportunity we see in building out a global logistics network, we believe this is an appropriate time to double down," says Alibaba Chairman Joe Tsai
** In September last year, BABA said Cainiao would be the first unit to be separated after the company announced its split in early 2023
** Up to last close, stock had fallen ~8% YTD
Reporting by Zaheer Kachwala in Bengaluru
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