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China online travel firm Ctrip in tie-up with rival Qunar

Chinese online travel company International Ltd on Monday announced a tie-up with rival Qunar Cayman Islands Ltd and its backer Baidu Inc through a share swap.

Under the deal, will own roughly 45 percent of Qunar, according to the statement. Baidu will take a 25 percent stake in has a market valuation of $10.6 billion, while the smaller Qunar is valued at $5.2 billion, according to Thomson Reuters data.

"We believe this will create greater value to our customers...