Alibaba needs Tencent's approval to buy stake in Flipkart
Flipkart's minority shareholder Tencent has the first right to purchase any shares if any existing shareholder plans to sell it to Alibaba, Walmart has said. Flipkart investors can sell shares to Alibaba only if Tencent is notified of the transaction at least five business days ahead. Tencent owns a significant stake along with Walmart in JD.com, which competes with Alibaba.n