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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Analysis: Could a cyber war turn into a real one for U.S.? 31 May 2011 Debt-limit hike fails in House in symbolic vote 31 May 2011 On 911 call, Casey Anthony said tot was missing for 31 days 31 May 2011 Dutch seaside cell for Mladic 31 May 2011 Blake Lively "nude" pictures fake, publicist says 31 May 2011 Discussed 61 Judge voids controversial Wisconsin union law 51 Speculation grows over Sarah Palin’s 2012 plans 51 Air France jet crashed nose-up after 4 minute ordeal Watched Massive Australian waterspout caught on film Mon, May 30 2011 Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 GM pulls the plug Fri, May 27 2011 Yahoo, Alibaba reach deal over Alipay: sources Tweet Share this By Nadia Damouni and Jennifer Saba NEW YORK (Reuters) - Yahoo Inc has resolved a dispute with partner Alibaba Group over the Chinese company's transfer of its prized online payments unit to its CEO Jack Ma, two sources close to the matter... Email Print Related News Smart Money: Promise, drama in Yahoo's Asian assets 12:27am EDT Alipay gets licence to set up e-payment system Thu, May 26 2011 Yahoo says makes headway in Alibaba talks Wed, May 25 2011 Martha Stewart Living may sell itself, shares soar Wed, May 25 2011 Search engine Yandex up 55 percent on debut Tue, May 24 2011 Analysis & Opinion Tech wrap: Twitter swallows TweetDeck LinkedIn: The next security breach? Related Topics Technology » Media » Chairman and chief executive of Alibaba Group Jack Ma speaks at a news conference in Beijing, January 19, 2011. Credit: Reuters/Jason Lee By Nadia Damouni and Jennifer Saba NEW YORK | Wed Jun 1, 2011 12:35am EDT NEW YORK (Reuters) - Yahoo Inc has resolved a dispute with partner Alibaba Group over the Chinese company's transfer of its prized online payments unit to its CEO Jack Ma, two sources close to the matter said. Yahoo's feud with Alibaba, 43-percent-owned by the U.S. firm, over the Chinese company abruptly transferring Alipay, has knocked Yahoo's shares by about 10 percent since early May. The two companies reached an agreement before Yahoo's analyst meeting last Wednesday, one of the sources said. But the deal requires the consent of Softbank Corp founder Masayoshi Son, an Alibaba board member, who has been reluctant to come to the negotiating table, the sources said. A Softbank spokeswoman said the negotiations were still going on and declined further comment. Yahoo's stake in Alibaba and its 35 percent ownership in Yahoo Japan are considered the U.S. Internet company's most valuable assets. Softbank holds a major stake in Alibaba and also 42 percent of Yahoo Japan. Yahoo Japan shares were up 2.4 percent by 0420 GMT, while Softbank shares were flat. Shares in Alibaba.com, the listed unit of Alibaba, edged up 0.2 percent in Hong Kong. Shares of Yahoo closed up 3.3 percent at $16.55 on the Nasdaq on Tuesday. Yahoo claimed it had been blindsided last month by Alibaba's restructuring of Alipay, an online e-commerce payment similar to eBay Inc's PayPal, to Alibaba Chief Executive Officer Jack Ma. Alibaba countered that Yahoo was aware of the transaction by virtue of having a board seat now held by former Yahoo chief executive and director Jerry Yang. Alibaba and Yahoo declined to comment on the agreement. A source familiar with the matter said Yahoo is encouraged with the progress of the discussions. Terms of the agreement include points made during Yahoo's analyst meeting last week, according to the sources. Yahoo Chief Financial Officer Tim Morse said the company was still in negotiations with Alibaba and laid out a framework for a deal involving compensation and value of Alipay. Morse likened the relationship between Alipay and Taobao, the largest online shopping website in China and a subsidiary of Alibaba and Yahoo Japan, to that of PayPal and Ebay Inc. The executive said the "economic arrangement" needs to remain intact in order to create value. The Alipay transfer and its timing is only a small act in a larger drama playing out among Alibaba Group, Softbank and Yahoo, led by CEO Carlo Bartz. Alibaba's Ma has made it clear he wants to reduce Yahoo's stake in the company, while Softbank and Yahoo in March were in advanced talks for Yahoo to leave its Japanese joint venture transferring its stake to Softbank. Elinor Leung, a CLSA analyst in Hong Kong, said that even if the two companies were able to agree on Alipay's asset transfer issue, the bad blood that runs between the two is unlikely to change. "I don't think it's going to resolve the tensions between Yahoo and Alibaba Group," she said. "If they can agree on something right now, the concern (regarding this issue) may become smaller in the future but whether Yahoo's CEO agrees with Alibaba's way of running its business in China are two different things." Last week Yahoo's Morse said Yahoo had made "some nice progress" in looking at a number of tax-efficient options, including a traditional spinoff or issuing a so-called tracking stock, which would track the performance of the Japanese unit without conferring ownership. "We really want to do something with these assets. We're not up here saying 'yeah, yeah, we're talking,'" Yahoo Chief Executive Carol Bartz told investors during the analyst meeting last week. Yahoo is still mulling a number of options, including the separation of its entire Asian businesses, including Alibaba, said a source close to the matter. Some investors believe those assets could potentially be worth as much as Yahoo's entire current market value and are betting that an IPO by Alibaba, or one of its subsidiaries, could boost Yahoo's valuation. In the past, investors have also called for Yahoo to sell off part of its investments and buy back its own shares. (Additional reporting by Kazunori Takada in SHANGHAI; Editing by Matthew Lewis and Anshuman Daga) Technology Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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