p2pnet.net News:- Yahoo will pay $1 billion in cash and give up control of its China business to Alibaba.com, China’s biggest online retailer, in exchange for a 40% stake in the Chinese Internet company, says Bloomberg News. Softbank, Alibaba’s biggest shareholder and is a founding investor of Yahoo, will own a 27.4% stake in the new company, it says.

“Yesterday’s announcement in China suggested the reshuffling of Internet industry for the whole world,” Katsuyuki Fujii, a Tokyo trader is quoted as sayingg. “That’s attracting investors to Softbank which is linked to Yahoo.”

“Tokyo-based Softbank, the second-biggest provider of high- speed Web access, said yesterday it will make an undisclosed gain from selling part of its stake in Taobao.com, a Chinese venture with Alibaba.com, for $360 million, says the story.

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See:-
Bloomberg News – Softbank Shares Surge on Sale of China Online Venture, August 12, 2005

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