Alibaba in talks with several banks for up to US$4b loan: WSJ

[SHANGHAI] Chinese e-commerce giant Alibaba Group Holding Ltd is in talks with several banks to borrow up to US$4 billion to fund expansion plans, including acquisitions, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The loan is expected to be finalized next month, one of the people told the Journal. Alibaba has been picking up stakes and buying companies in China and abroad.

The company has also been expanding in other areas such as online video and local services as volume growth in core online shopping business slows.

Alibaba shares were up 2.2 per cent at US$68.13 in premarket trading on Friday. Up to Thursday's close of US$66.66, the stock had fallen about 18 per cent this year.

REUTERS