English | دری

Yahoo shares climb 5% on Alibaba stake sale report

in International Business

Yahoo shares climb 5% on Alibaba stake sale report

Shares in internet giant Yahoo have risen over 5% after reports that it is close to selling its stake in Alibaba Group, the Chinese e-commerce company.

Yahoo is preparing to sell half its 40% stake back to Alibaba, according to AllThingsD.com, citing sources close to the deal.

The sale, which could raise about $7bn (£4.4bn) for Yahoo, would involve a share buy-back followed by an eventual flotation of the Chinese group.

Yahoo shares were up 5% at $15.60.

The deal would be a welcome piece of good news for the struggling US internet company.

It has been losing ground to rivals Google and Facebook in the online advertising market.

And on 13 May, Scott Thompson quit as Yahoo chief executive after just five months in the post, following the discovery of inaccuracies in his CV.

Source: BBC


Tags assigned to this article:
AlibabaChina e-commerceYahoo shares

Related Articles

Finland’s Nokia shaken by $1bn loss

Phone maker rings in 2012 with one of its worst ever quarters, citing tough competition and a rapidly evolving industry.

Asian Infrastructure Investment Bank, SAARC Development Fund to co-fund projects in SAARC Region

A delegation of AIIB led by Sir Danny Alexander, Vice President & Corporate Secretary visited the SAARC Development Fund Secretariat

India’s economy continues to disappoint

India’s manufacturing fell for the third time in four months in June, declining 1.8% from a year earlier. Economists were

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.