Yahoo will no longer spin off its stake in Chinese e-commerce firm Alibaba.
The u-turn follows several days of meetings and the board has today announced that the tech giant’s internet business will now be put into a new company to be listed on the stock market instead.
Yahoo purchased a 40 per cent stake in Alibaba 10 years ago for $1bn. The current holding value is estimated at $30bn, and the majority of Yahoo’s $33bn (£21.8bn) value is attributed to its shareholding in the online retail giant.
Commenting on the new strategy, chief executive Marissa Mayer said it would help ensure that Read full story ›
Source: The Drum
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