Alibaba, China's largest e-commerce portal, has plans to buy back or sell Yahoo's 39 per cent ownership in the company. The Chinese company is reportedly are eager to buy or to find a new owner for the 39 per cent stake as it wants to prevent Microsoft from gaining any ownership in the company. Microsoft made a USD44.6 bn offer on 1 February to buy Yahoo.
In 2005, the two companies decided to grant Yahoo a 39 per cent stake
in Alibaba. In return, the Chinese company took on Yahoo's China
assets, plus its Chinese website and search technology.
Yesterday, Alibaba said its profits jumped to a record RMB967.8 m last year, beating estimates and quadrupling the 2006 figure.
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