E-commerce giant Alibaba Group is offering to buy out AutoNavi in a deal which values the Chinese online map company at US$1.58 billion, The Wall Street Journal reported. Alibaba bought 28% of AutoNavi in May for US$294 million, the latest in a series of moves to attract customers in what is now the world’s largest smartphone market. The two companies likely would combine their data to develop mobile e-commerce services, such as directing customers to stores and making payments on the go. The tie-up would be another step by Alibaba to compete with rival Tencent (0700.HKG).
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