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Yahoo to give US$1 billion in China deal
Chinese e-commerce operator Alibaba.com is in the late stages of talks to sell a 35 percent stake to Yahoo Inc. in return for $1 billion and Yahoo's entire China operations, a source close to the discussions said on Wednesday, reported Reuters.
The deal is in the final hours of discussions, the source told Reuters, speaking on condition of anonymity. The combination would create an e-commerce giant by bringing together Alibaba's business-to-business and consumer online auction sites with Yahoo's search operations, China's second largest after leader Baidu.com.
A spokesman from Alibaba and a spokeswoman from Yahoo both had no comment. A deal would mark an end to Yahoo operating a venture in China on its own, swapping its country operations in exchange for a structure more similar to Yahoo Japan Corp. (4689.T), in which the U.S. search giant holds a 33 percent stake while Japan's Softbank (9984.T) holds a controlling 42 percent. Softbank is also an investor in Alibaba, and is said to
have been a broker in the current talks, according to previous media reports.
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