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Topic - Alibaba.Com
Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion, with most of the cash going to shareholders.
Alibaba.com's parent company wants to take the Chinese e-commerce company private for $2.5 billion, the firms said Tuesday, part of a shift in business strategy that also includes plans to buy back a stake from Yahoo Inc.
Shares of Alibaba.com rocketed on Wednesday after the Chinese e-commerce site said its parent company made a $2.5 billion privatization bid as part of a shift in business strategy that also includes plans to buy back a stake from Yahoo Inc.