Google takes stake in Baidu

Google and other seven other companies, including Silicon Valley venture capitalists Draper Fisher Jurvetson, took stakes in search engine company Baidu.com. Baidu announced the development but did not disclose details. A Lehman Bros analyst in Hong Kong said the Google investment should raise Baidu's profile ahead of its planned initial public offering on the NASDAQ. Baidu President Robin Li said the Google partnership would make it difficult for other search engine firms to challenge Baidu's position in China.