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Read more with google mobile : Yahoo battle with China's Alibaba intensifies |

Edition: U.S. Article Comments (1) Deals Alibaba says board told of Alipay deal in 2009 Glencore to close books early on IPO Schneider Electric in Tyco talks with PEs: report Exchange operator BATS Global files for IPO Danisco CEO hopeful as DuPont deal deadline nears Banks tweak restructuring units as deals dry up Dollar Thrifty to work with Hertz for antitrust nod Lactalis Parmalat bid gets market regulator nod LSE in show of strength as pursues TMX merger Follow Reuters Facebook Twitter RSS YouTube Read Gaddafi likely wounded and not in Tripoli: Italy | 12:48pm EDT Exclusive: Pornography found in bin Laden hideout: officials 12:22pm EDT Bush tells Obama on bin Laden: "Good call" 12:03pm EDT Cisco braces for biggest layoffs in its history 8:22am EDT Bombers take bin Laden revenge in Pakistan | 2:42pm EDT Discussed 117 Son says bin Laden sea burial demeans family: report 61 Muslim scholars pulled from Delta plane in Memphis 59 Obama administration fights to save healthcare law Watched Dozens die in Pakistan suicide blast 5:55am EDT Hunt for bin Laden; in 60 seconds Thu, May 12 2011 Russia 'shot down Georgia' drone Mon, Apr 21 2008 Yahoo battle with China's Alibaba intensifies Tweet Share this By Jennifer Saba and Jonathan Stempel NEW YORK (Reuters) - Yahoo Inc's battle with Alibaba Group intensified on Friday as they issued contradictory statements over the Chinese company's transfer of a major Internet asset to its chief executive. Ana... Email Print Related News US STOCKS-Futures edge up ahead of confidence, inflation data 7:59am EDT UPDATE 1-Alipay transferred without board approval Thu, May 12 2011 Alibaba.com says Q1 net profit up 37 percent Thu, May 12 2011 UPDATE 2-Alibaba's Ma sends Yahoo a message, takes Alipay Wed, May 11 2011 Yahoo shares slide on Alipay restructuring Wed, May 11 2011 Analysis & Opinion Microsoft’s $8.5 bln Skype price is in the cloud The business of digital journalism Related Topics Technology Home » Deals » Global Deals Data 2011 Q1 » Hot Stocks » Asian Markets » Inflows Outflows » Media » Stocks The Yahoo! offices are pictured in Santa Monica, California April 18, 2011. Credit: Reuters/Mario Anzuoni By Jennifer Saba and Jonathan Stempel NEW YORK | Fri May 13, 2011 3:25pm EDT NEW YORK (Reuters) - Yahoo Inc's battle with Alibaba Group intensified on Friday as they issued contradictory statements over the Chinese company's transfer of a major Internet asset to its chief executive. Analysts said the handover of Alipay, an online e-commerce payment system similar to eBay Inc's PayPal, to Alibaba Chief Executive Jack Ma has reduced the value of Yahoo's 43 percent Alibaba stake. Alibaba also operates China's largest e-commerce company, Alibaba.com Ltd. Yahoo said it had been blindsided by the deal, while Alibaba countered that Yahoo was aware of the transaction by virtue of having a board seat, now held by former Yahoo Chief Executive Jerry Yang, who is also a Yahoo director. Shares of Yahoo have fallen as much as 14 percent since the company first disclosed the transfer in a regulatory filing after markets closed on Tuesday. The feud underscores the tense relationship between Ma and Carol Bartz, Yahoo's chief executive since January 2009. Bartz is under pressure to boost revenue and drive more visitors to Yahoo, which is losing ground to rivals including Google Inc and Facebook. The Alibaba stake is considered one of Yahoo's most valuable assets. Both Bartz and Yahoo Chairman Roy Bostock are in the "hot seat," said Eric Jackson, managing member of the hedge fund Ironfire Capital, which owns Yahoo stock. "At best it makes it look like Yahoo -- Jerry Yang especially -- has been out of the loop," he said. "The Yahoo board has to be looking into the mirror and saying: 'What do we need to change to make this right?'" In afternoon trading, Yahoo shares were down 61 cents, or 3.6 percent, at $16.56, after earlier falling as much as 7 percent to $15.96. They had closed Tuesday at $18.55. BATTLE OVER BASICS Yahoo invested $1 billion in Alibaba in 2005, but Alibaba has made clear it wants to buy out Yahoo's stake. "I just don't trust them," Ma told Forbes magazine in its April 11 edition. Bartz told Reuters in September she has no plans to sell. Some analysts estimate that Yahoo's Asian assets, including a 35 percent stake in Yahoo Japan Corp, represent at least half the Sunnyvale, California-based company's market value. Yahoo and Alibaba do not agree on when Alipay was transferred to Ma, or whether Alibaba's board knew about it. Alibaba said the board was told in July 2009 that the transfer had occurred. Yahoo said the transfer happened in August 2010, giving Ma full ownership of Alipay, and Yahoo did not learn of it until March 31, 2011. Japan's Softbank Corp also owns a stake in Alibaba. Four directors make up Alibaba's board, including Yang and Softbank founder Masayoshi Son. "I find it impossible to believe, as a rational matter, that a board member from Yahoo could sit through a proceeding whereby a valuable asset was transferred to the Alibaba CEO, and not object," said Manning Warren, a corporate law professor at the University of Louisville. In a statement on Friday, Alibaba spokesman John Spelich said directors were "told in a July 2009 board meeting that majority shareholding in Alipay had been transferred into Chinese ownership." According to Alibaba, the move was necessary to comply with Chinese law, to ensure Alipay could continue operating. Later Friday, Yahoo stood by its earlier statement that the Alipay deal occurred "without the knowledge or approval of the Alibaba Group board of directors or shareholders." Yahoo said it is in "active and constructive" talks with Alibaba and Softbank "to preserve the integrity" of its stake. "It's surprising you can have that sort of communication lapse," said Ken Sena, an Evercore Partners analyst. David Einhorn's hedge fund Greenlight Capital last week took a "significant" stake in Yahoo, saying its Alibaba interest could ultimately be worth more than Yahoo is now. LEGAL RAMIFICATIONS Warren said Yahoo might try to sue Ma under Delaware law, saying Ma would have to show that his acquisition of a major asset from his own company had been conducted fairly. Meanwhile, if in fact Yahoo had been in position to stop the Alipay transfer, Yahoo itself might be sued, said Mark Rifkin, a partner at Wolf, Haldenstein, Adler, Freeman & Herz. "It could even give rise to a Yahoo shareholder claim against Alibaba," given the 43 percent stake, he added. Disputes such as this could dampen U.S. investors' enthusiasm for companies based in China, Ironfire's Jackson said. "I definitely think it can spook people," he said. (Additional reporting by Aditi Sharma in Bangalore; editing by John Wallace and Gerald E. McCormick) Technology Home Deals Global Deals Data 2011 Q1 Hot Stocks Asian Markets Inflows Outflows Media 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 (1) Jocomus wrote: Chinese bosses don’t play the Western game of corporate laws on board and shareholders’ meetings, fiduciary duties, proper motivation etc. Yahoo, your exclamation is aptly right. But you must commence action in a common law court regrettably not available in China. May 13, 2011 2:02pm EDT -- Report as abuse See All Comments » Add Your Comment 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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