Yahoo plans to spin off its $40bn stake in Chinese ecommerce group Alibaba in what it says will be a tax-free transaction, sending its shares up more than 7 per cent in after-hours trading.
The internet company will split into two, one containing Yahoo’s remaining 15 per cent holding in Alibaba and a legacy operating business, and the other owning Yahoo’s operating business and its stake in Yahoo Japan.
Yahoo’s decision significantly boosts the chances of Alibaba buying back the shares, people familiar with the matter said. The Chinese group is concerned that the spin-off will create a parallel shadow market of its US-listed shares, over which it would have little to no control, they added.
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