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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology China's Alibaba says Yahoo! rejects offer to buy back stake AFP - Friday, September 17 Send IM Story Print China's Alibaba says Yahoo! rejects offer to buy back stake Slideshow: Full Photo Coverage: Internet Portals & Search Engines SHANGHAI (AFP) - – China's e-commerce giant Alibaba Group said Thursday it had offered to buy back part of a 39 percent stake held by Yahoo! but it had been rejected, as relations between the two companies deteriorate. "We made an offer that included a partial sale and a specific plan to maximise the value of their remaining stake," John Spelich, a spokesman for the Hong Kong-listed unit Alibaba.com, said in a statement. "That offer was rejected and they countered with a very different proposal which we found unjustifiable and we terminated the discussions." Alibaba Group sold the 39 percent stake to Yahoo! in 2005 in exchange for control of Yahoo's China operation and one billion dollars. The group also owns China's largest online consumer e-commerce site Taobao as well as wholesale platform Alibaba.com. Spelich said Alibaba was unaware that Yahoo chief executive Carol Bartz was seeking a seat on the Chinese company's board. Bartz said Wednesday the company had no plans to sell its stake in Alibaba, and that she would "probably" join Alibaba's board later this year, when Yahoo gets a second Alibaba board seat under its 2005 agreement with the company, Dow Jones Newswires reported. In January, Alibaba condemned Yahoo! as "reckless" for supporting Google in a public spat with Beijing over censorship and cyberattacks that Google said originated from China. David Wei, chief executive of Alibaba.com, told reporters last week that the company should "re-evaluate" its ties with Yahoo! after reports said Yahoo! Hong Kong was considering taking online advertising from companies in China, which would put the two firms in competition. Recommend Send IM Story Print Related Articles Android gains US smartphone market share: comScore AFP - 57 minutes ago Tokyo Game Show opens with focus on 3D videogames AFP - 2 hours 20 minutes ago Miami Herald slashes 49 jobs in latest US newspaper cutback AFP - Friday, September 17 Motorola buys location-based software developer Aloqa AFP - Friday, September 17 EU regulators crack down on concert, sports tickets sites AFP - Friday, September 17 News Search Top Stories New CEO says GM repayment to US may take 'couple of years' UN scientists say ozone layer depletion has stopped France will dismantle 'all illegal' camps: Sarkozy Clinton says Mideast peace 'within reach' US toughens demands for China currency action More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Craigslist says shutdown of adult services permanent Michael Jackson's mother sues concert promoters Trapped Chilean miner sees daughter's birth on video Arctic sea ice melts to third lowest area on record Toddlers immune to 'contagious' yawning: study More Most Viewed » Climate: New study slashes estimate of icecap loss US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Japanese rider Tomizawa dies in San Marino Moto2 GP Vitamin B 'could delay Alzheimer's onset' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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