The U.S. multinational Yahoo! sell its 1.14 percent in the Chinese giant Alibaba.com, one of the largest global e-commerce websites, almost two years after the Chinese company went public, media reported Wednesday in Shanghai.
Yahoo! expected to dispose of such participation by nearly 150 million dollars (102 million), today announced the official newspaper "Shanghai Daily".
Nevertheless, Yahoo still controls 40 percent of matrix Chinese portal, Alibaba Group, since October 2005 the Chinese group, which last week celebrated 10 years since its founding, seized all shares of the local version of the American company, Yahoo! China.
At that time, Yahoo! paid more than 1,000 million for its investment in Alibaba Group, but now available for sale of 57.48 million H-shares of Alibaba.com on the Hong Kong Stock Exchange, share prices reflecting between 4 and a 6.4 percent discount to their value at market close yesterday.
The Alibaba Group, which controls 74 percent of Alibaba.com, recovered 1.14 percent and that kept Yahoo! from the portal's IPO in November 2007, which at the time was the largest initial public offering (IPO) of the sector from that of Google on the NYSE Nasdaq in 2004.
"We are delighted with the decision of Yahoo!" Said John Spelich, vice president of corporate affairs of the Alibaba Group.
"Having more control of Alibaba.com, with increased liquidity and support of our major institutional investors, Alibaba.com is what we hoped to achieve when freed his main investor," he said.
Spelich was referring to the move of last July when released Alibaba.com major investors in its IPO in 2007 then signed commitment not to sell their shares until at least November 2009.
Shares in Hong Kong portal precipitated the crisis last year, but have been recovering since 2009 and have nearly quadrupled since January.
In August, the Alibaba Group announced the restructuring of Yahoo! China, which separated the classified ads portal for transfer to Taobao.com Koubei.com its eBay-style portal.
Both the portal as a business group that emerged around them were founded by former English teacher Ma Yun (Jack Ma internationally known as) that he has surrounded himself with an aura of charismatic and visionary entrepreneur who has made it famous in the Chinese business world.
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