Alibaba wants to get rid of Yahoo ownership

Market sources claim that Alibaba is now hunting for a party which can acquire the 39 percent stake Yahoo owns in the company.

Apparently, this deal is aimed to prevent any Microsoft ownership if they succeed in merging with Yahoo in the US market.

Yahoo and Microsoft have not commented on these reports in the media.

The source also said that the company had hired the services of Deutsche Bank and law firm Wachtell, Lipton, Rosen & Katz for a possible deal.

Yahoo and Alibaba decided on a deal in 2005 which saw Yahoo merged its Chinese operations into Alibaba. In return they got a 39 percent stake in Alibaba Group.

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