Alibaba and Sberbank broke off negotiations

The Russian bank Sberbank and the Chinese retailer Alibaba refused to negotiate the creation of a joint business. Previously, the companies wanted to create a one whole e-commerce platform in Russia based on the Sberbank application, but on grounds of the disagreements over the development of this project, the parties decided to cease cooperation. Both companies refused to make official comments, but the termination of negotiations will negatively affect the shares of both companies.

Over the past few days, Sberbank stocks have decreased by 2.6%, Alibaba stocks fell by 1.5%. Trading in shares of Sberbank will be available during the European session, from 07:00 to 15:15 GMT. Trading in Alibaba stocks will be available during the American session, from 14:40 to 21:00 GMT.

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