March 26 (Reuters) - Alibaba Group ( BABA ) said on

Tuesday its logistics unit, Cainiao Smart Logistics Network, has

withdrawn its initial public offering and listing application on

the Hong Kong Stock Exchange.

Alibaba ( BABA ), which holds around 64% stake in Cainiao, said it is

offering to acquire the remaining stock for up to $3.75 billion.

The e-commerce giant had in September last year kicked off

its restructuring with a plan to list the logistics arm in Hong

Kong.

Alibaba ( BABA ) is offering to minority shareholders of Cainiao

an opportunity to sell all the outstanding shares in the

logistics firm held by them to Alibaba ( BABA ) for $0.62 per share, a

statement said.