Rakuten to set up online mall JV with Baidu

CIOL Bureau
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TOKYO, JAPAN: Japanese online mall operator Rakuten Inc said on Wednesday it has agreed to set up a joint venture with China's top search engine Baidu Inc to start an Internet shopping mall business in the country.

Rakuten said it would take a 51 per cent stake in the venture, with Baidu to hold the rest. Total investment in the venture would be about 4.3 billion yen ($48.2 million) over three years, it said in a statement.