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

U.S. economy grew more than expected in second quarter

The U.S. economy grew more than previously estimated in the second quarter, according to a report released on Wednesday by

EU refers Argentina's import restrictions to the WTO

The European Union has filed a suit against Argentina’s import restrictions at the World Trade Organisation (WTO). It is the

McDonald’s profit hit by the strength of the dollar

McDonald’s net income fell to USD 1.46bn in the third quarter, down from USD 1.51bn last year, after being by

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Your e-mail address will not be published.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.