Alibaba takes control of film group in HK$1.25 billion share purchase
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BEIJING (Reuters) - Alibaba Group Holding Ltd said on Monday it will increase its stake in Hong Kong-listed Alibaba Pictures to 51 percent, taking control of the film unit's board.Alibaba Pictures will issue one billion new shares to Alibaba at HK$1.25, valuing the exchange at roughly HK$1.25 billion (£125.6 million), the e-commerce firm said.Currently, Alibaba owns a 49 percent stake in the firm. "The proposed share purchase is a vote of confidence in Alibaba Pictures, and we will continue to..