Monday, May 16, 2011

Yahoo and Alibaba negotiate a way out of crisis

Yahoo and its Chinese partner, Alibaba announced Sunday in a statement that they were in discussions to resolve the status of payment subsidiary of Alibaba, Alipay, as quickly as possible. Yahoo! revealed this week that he had learned Alibaba sold its subsidiary to pay, Alipay, a new entity controlled by its CEO, Jack Ma, unwittingly and unbeknownst to the rest of the board administration.

The U.S. Internet group said that the sale of Alipay it was announced March 31 by Alibaba as a fait accompli, and said that the other shareholder in Alibaba, Softbank in Japanese, as he had been kept in ignorance. The Chinese group has denied these claims. According to the company official, quoted by Dow Jones Newswires Saturday, the board of directors and shareholders, "including Yahoo and Softbank" were "fully aware of the transfer of ownership of Alipay.

Yahoo is the owner since 2005 of nearly 40% of Alibaba, which had obtained in exchange for control of China operations for Yahoo. "Alibaba Group and its principal shareholders, Yahoo and Softbank Corportation, initiated and engaged in negotiations to resolve outstanding issues related Alipay to satisfy the interests of all shareholders as soon as possible," Is it written in the short statement.

No details of the solutions sought was specified.

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