E-commerce retailer Alibaba has proposed a HK$19.8bn ($2.6bn) privatisation bid for Intime Retail, in partnership with the latter's founder Shen Guo Jun.

The proposal is to cancel Intime’s shares in exchange for HK$10 a share, which represents a premium of 53.59% over Intime’s 60-day average closing share price.

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"The proposed transaction will increase Alibaba’s equity share in the retailer to roughly 74%."

Based in China, Intime operates 29 department stores and 17 shopping malls. The proposed transaction will increase Alibaba’s equity share in the retailer to roughly 74%.

Rakuten Deutschland, the online retail division of Japanese company Rakuten, has expanded its partnership with payment technology provider, Wirecard.

Wirecard will provide additional payment methods on Rakuten Deutschland’s platform, which serves more than 7,000 suppliers and offers approximately 22 million products.

Apart from enhancing the platform’s security features, the latest transaction will enable payments through JCB and Diners credit cards.