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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Two Swedes jailed for life for Philippine Internet porn 9:04am EDT Woody Allen film charms Cannes, Lady Gaga surprises | 2:35pm EDT Rajaratnam guilty on all insider trading counts | 4:44pm EDT Earthquake fever hits Rome as some fear "the big one" 11:51am EDT Gasoline slump drags oil prices to second big drop 4:25pm EDT Discussed 148 Obama at U.S. base to pay tribute to bin Laden mission 127 Boehner demands trillion-dollar cuts in debt deal 106 Son says bin Laden sea burial demeans family: report Watched Exquisite chocolate source rediscovered through DNA testing Tue, May 10 2011 Jetman rockets across Grand Canyon 4:16pm EDT U.S. and China find common ground on currency Tue, May 10 2011 Alibaba's Ma sends Yahoo a message, takes Alipay Tweet Share this By Jennifer Saba NEW YORK (Reuters) - Alibaba Group's latest message to Yahoo sounds a lot like the last one: it wants its shares back. CEO Jack Ma took full control of one of China's largest online payment businesses, Alipay, from the Alibaba... Email Print Related News UPDATE 2-Tencent posts record profit on games but eyes weaker Q2 8:48am EDT LinkedIn IPO price hints at social media caution Mon, May 9 2011 RPT-IPO VIEW-Could Renren be vulnerable in a Chinese crackdown? Fri, May 6 2011 Analysis: Skype, better with Facebook than Google? Fri, May 6 2011 Skype: a better match with Facebook than Google? Fri, May 6 2011 Analysis & Opinion Microsoft’s $8.5 bln Skype price is in the cloud Is this the end of Skype as we knew it? Related Topics Technology » Hot Stocks » Asian Markets » Media » Stocks The Yahoo! offices are pictured in Santa Monica, California April 18, 2011. Credit: Reuters/Mario Anzuoni By Jennifer Saba NEW YORK | Wed May 11, 2011 4:41pm EDT NEW YORK (Reuters) - Alibaba Group's latest message to Yahoo sounds a lot like the last one: it wants its shares back. CEO Jack Ma took full control of one of China's largest online payment businesses, Alipay, from the Alibaba Group, Yahoo said in a government filing on Tuesday. The U.S. online search engine's shares fell as much as 9.8 percent on Wednesday as a result. The move hurts Yahoo because it owns 43 percent of Alibaba -- considered one of its most valuable assets. Now that asset has one less hot property on its hands. "Investors valuing Yahoo on its sum of the parts will have to remove Alipay from the equation," Stifel Nicolaus analyst Jordan Rohan wrote in a research note. Oppenheimer Equity Research estimated that Alipay represents about $1.7 billion of Yahoo's market value of about $24 billion. Yahoo's Asian assets, which include a 35 percent stake in Yahoo Japan, are considered prized possessions by some investors since they represent at least half of Yahoo's market value and an increasing growth opportunity, according to some estimates. Investor David Einhorn's hedge fund Greenlight Capital took a "significant" position in Yahoo last week, citing the Internet company's valuable Asian assets and estimating Yahoo's stake in Alibaba "was ultimately worth Yahoo's entire current market value. While Yahoo is one of the world's most popular Web destinations, it is struggling to keep its foothold as people flock to Google and social media networks like Facebook. The Alipay restructuring sets the stage for possible talks between Alibaba Group, which owns China's largest e-commerce company Alibaba.com, and Yahoo over reducing Yahoo's stake in the company. The two companies have been at odds for some time over Yahoo's stake. "It's not a secret that Jack Ma has been trying to negotiate a way to reduce Yahoo's stake," said Eric Jackson, managing member of Ironfire Capital which holds shares in Yahoo. "I would anticipate a lot of feverish discussions in the background between these parties." Jackson described the Alipay restructuring as a bargaining chip in negotiations. Alibaba, Yahoo and Softbank Corp, also a principal stakeholder, are in discussions about the terms of the Alipay restructuring, said a Yahoo spokeswoman. Alipay is required to get a license from the People's Bank of China to operate its payment business and this move might speed that process, she added. Yahoo Chief Executive Carol Bartz told Reuters in September that Alibaba "constantly" approaches Yahoo about repurchasing its stake, but Yahoo has no plans to sell it. Yahoo invested $1 billion in the Alibaba Group in 2005. "I would be comfortable if Yahoo sold 10 percent back," Jackson said. "Theoretically Yahoo could hold out and play a game of chicken. Then things like today happen." (Reporting by Jennifer Saba. Editing by Robert MacMillan) Technology Hot Stocks Asian Markets Media Tweet this Share this Link 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. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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