Yahoo and Alibaba to Negotiate
Yahoo, the largest Silicon-valley Company and Alibaba, the largest Chinese internet company are on the way to have a negotiation after there has been a crisis in the last few days.
Both these companies have said that they are trying to resolve these problems via negotiations.
In a joint statement, both the companies have claimed that they are trying to solve these problems with the help of productive negotiations.
Disputes started on Tuesday, when Alibaba sold off its online payment portal without informing yahoo and thus the shares of Yahoo came down sharply.
At present, Yahoo owns only 43% stake of Alibaba. Shares of Yahoo have come down drastically by 11%, reaching $16.55 at the close on Friday.
According to Yahoo, Alipay was transferred to a Chinese company, which is owned by Alibaba Chief Executive, Jack Ma in the year 2010.
Yahoo claimed that it only got to know now about this deal. It was an under table deal which Yahoo was unaware for all these months.
“This is something that had to be done immediately”, the person linked to Alibaba said.
Alibaba however said that this matter was discussed during a board meeting between these two companies.
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