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China's Alibaba looking to bid on Yahoo

Chinese e-commerce group Alibaba has hired a lobbying company.

29 December 2011

E-commerce business Alibaba Group Holding, which is based in China, has hired lobbying firm Duberstein Group and sources have suggested the Asian firm is planning a business negotiation to take over Yahoo!

An insider told the Wall Street Journal a US congressional filing was made on December 23rd revealing the recruitment of the specialists and that the move is part of Alibaba's attempts to increase its stake in the internet provider.

Founder of the Chinese company Jack Ma has previously stated he wishes to take complete control of the online firm, but Yahoo! may have other plans.

The US enterprise is considering selling its stake in Japan's Softbank and reducing its shares in Alibaba, sources recently told Reuters, in a deal worth around $17 billion (£11 billion).

Yahoo!'s stock was last seen 0.3 per cent higher on financial markets last night (December 28th).

Posted by Edel Quinn

Source: Reuters and the Wall Street journal, December 29th.

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