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Actionable news in QUNR: Qunar Cayman Islands Limited,

Ctrip, Qunar Agree to Share Swap, Form Business Partnership International Ltd. and Qunar Cayman Islands Ltd. agreed to a share swap and partnership that creates China’s biggest online travel service, seeking to tap a record number of travelers heading overseas.

Baidu Inc., which controls Qunar, will own 25 percent of Ctrip, and the companies will combine products and services, according to a statement released Monday. Ctrip will have a 45 percent voting interest in Qunar. The exchange ratio represents a 36 percent premium to Qunar’s closing price on Friday, valuing the company at $7 billion. Ctrip and Qunar surged in pre-market trading.

The deal comes about five months after Qunar rejected a...