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Yahoo would still get a grip on Alibaba even after it goes public
Even after Yahoo reduced its holdings in China’s Alibaba Group Holding Ltd, investors weren’t looking to ditch the internet multinational firm, said Bloomberg. Primarily because Yahoo still owns 24 percent stake in Alibaba and would still have a strong grip even after the Chinese e-commerce firm launches its public debut this year.
Yahoo has already announced letting go of its 40 percent holdings in Alibaba during the IPO. However, it would still hold a controlling stake after the sale and could hold on to it indefinitely, according to a report from Bloomberg.
The report from Bloomberg went on saying that CEO Marissa Mayer has relied on to the stake of Yahoo in the Chinese e-commerce company to boost the share price of Yahoo.
According to Macquarie Securities USA Inc. analyst Ben Schachter in a note written yesterday, “The core turnaround remains uncertain, but we don’t think it will matter much for the stock in the near term.”
Meanwhile, a representative from Yahoo, Sarah Meron, refused to comment on the report.