Baidu Buys The ‘Chinese Groupon’ From Renren
Renren Inc (NYSE:RENN) shares jumped after it sold its majority stake in the group-buy site Nuomi.com to Chinese IT powerhouse Baidu.com, Inc. (ADR) (NASDAQ:BIDU), reports Belinda Cao for Bloomberg. Baidu’s shares fell 0.7 percent after the deal was announced, its biggest decrease all week.
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