Alibaba plans to borrow $3bln to buy back Yahoo! stake

February 9, 2012 - 13:20 AMT

PanARMENIAN.Net - Chinese online commerce giant Alibaba plans to borrow $3 billion to buy back the stake Yahoo! owns in the company, a report said Thursday, Feb 9, as the struggling U.S. Internet firm overhauls its Asia holdings.

Alibaba, whose Hong Kong shares were suspended from trading on Thursday, is raising money from six banks and the loan is expected to be finalized this month, the Wall Street Journal said, citing unidentified sources.

Alibaba gave no reason for the trading halt and its spokesman John Spelich declined to comment when contacted by AFP, the agency said.

The report comes after Yahoo! on Tuesday announced a boardroom shakeup to breathe fresh life into the Internet firm that has been struggling to re-invent itself and appease disappointed investors.

Chairman Roy Bostock said he would step down from the board along with three other directors - just weeks after Jerry Yang, who co-founded Yahoo! and had an ill-fated stint as chief executive, resigned from all of his positions.

Bostock, in a letter to shareholders, also said Yahoo! was in "active discussions" with its partners in Asia on restructuring its holdings in the Alibaba Group and Yahoo! Japan.

Alibaba is 43 percent owned by Yahoo! and Alibaba Group chairman Jack Ma has a long-standing offer to buy all or part of the company.

 Top stories
New Jersey town mayor, son arrested for hacking rival websiteNew Jersey town mayor, son arrested for hacking rival website
Felix Roque, the 55-year-old mayor of West New York, New Jersey, and his son, Joseph Roque, 22, were arrested by the FBI.
Megaupload founder demands his servers backMegaupload founder demands his servers back
Kim Dotcom demanded access to the data stored on his computers and hard drives that were confiscated during the raid.
PC version of Diablo III sets new sales recordPC version of Diablo III sets new sales record
The game moved 3.5 million copies in the first 24 hours of release, which makes it now the fastest selling game in PC history.
Hewlett Packard to cut 27,000 jobsHewlett Packard to cut 27,000 jobs
HP’s software division grew by over 20 percent to $970 million on the back of its takeover of British company Autonomy.
 Articles
Employers and job seekers: how to find each other

Arpine Grigoryan։ each job seeker should understand why to apply for this “x” job in this “x” company but not for “y” job in “y” company.

 Most popular in the section
Google Chrome overtakes Internet Explorer as most used browser
Cadillac to include iPad in every new sale of its XTS model
Iran, China to make electric cars
Adobe Photoshop Lightroom 4 comes to Mac App Store
Home
All news
Overview: IT & Technology
Archive for February 9, 2012
Other news in this section
 Latest news
Over 100 trespassers detained in Armenia in January-May Russian border guards seized 50 firearms, bladed weapons and 300 thous. rubles worth contraband in January-May.
Conference participants at Institute of CIS States back Artsakh’s stance The NKR was represented at the round table by Advisers to Foreign Minister Ruben Zargarian and Arsen Melik-Shakhnazarian.
Shoushi liberation anniversary celebrated in France Armenian ambassador to France Vigen Chitechyan answered Armenian foreign and domestic policy related questions.
Armenian ambassador to China participates in ESCAP meeting Armen Sargsyan participated in meeting of UN Economic and Social Commission for Asia and the Pacific in Bangkok.