US internet firm Yahoo will sell its 1.14% stake in Alibaba.com for around US$150 million, Reuters reported. Yahoo will continue to hold a 40% stake in the website’s unlisted parent company, Alibaba Group. Yahoo paid more than US$1 billion in 2005 as part of its investment in Alibaba Group. A Yahoo spokesman said the sale would result in pretax proceeds of around US$150 million. Yahoo is selling 57.48 million shares of Alibaba.com at HK$19.80-20.30 (US$2.55-2.61) each, a 4-6.4% discount to the stock’s closing price of HK$21.15 (US$2.72) on Monday. Analysts said the sale did not represent a change in Yahoo’s strategy in China.
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