(CBN - Global) April 26 -- Suning Commerce Group Co. [SHE: 002024], one of China's largest electronics retailers, is preparing for an all-out acquisition of football club Internazionale Milano, according to Italian newspaper La Gazzetta dello Sport. The Group will first complete a purchase of 20 percent equity this year.
Tycoons Erick Thohir and Massimo Moratti will sell 14 and 6 percent of their respective equity in Inter Milan to Suning, according to the newspaper, giving each player a respective 56, 23.5, and 20 percent stake in the football club.
A 20 percent equity in Inter Milan is valued at approximately EUR60 million (USD67.58 million). The transaction is expected to be completed before June, making Suning the football club's third largest shareholder.
Over the next few years, Suning is expected to gradually acquire the remaining shares in Inter Milan over the next few years.
Chinese corporations frequently invest in football clubs that play in European leagues. Wanda Group Corp. has acquired a 20 percent stake in Atletico Madrid. China Media Capital Holdings teamed up with CITIC Capital Holdings to acquire a 13 percent stake in Manchester City Football Club's holding company, City Football Group. Mr. Robin Li, founder of Baidu Inc. [NASDAQ:BIDU], plans to make a EUR700 million bid for Inter Milan's rival, AC Milan.