Mergers and Acquistions News
Categories: Media & Information Services
December 29th 2011, 11:36AM
Alibaba Group, the Chinese e-commerce company, looks set to make a bid to acquire Yahoo after it hired a Washington lobbying group to help.
The move indicates that Alibaba wants to address any US political opposition to the takeover by a company from China, a country that controls and censors the internet, Reuters reported.
Any purchase of Yahoo by Alibaba would be a total buy-out, something that the firm's founder, Jack Ma, first mooted in September.
Speaking to the news provider, Mark Natkin, managing director of Marbridge Consulting, said that there is not a large concern over the takeover.
"Users may share or keep as much data as they like," he explained. "If they subscribe to Yahoo and (they know) Yahoo is owned by a Chinese company, they are going to have to make the decision themselves."
It was reported that Yahoo is considering a $17 billion plan for Alibaba and Softbank Corp - which owns a 30 per cent stake in Alibaba and is a partner in Yahoo Japan - to acquire the internet firm's Asian assets.
Yahoo has a market value of $20 billion, but is struggling to content with internet giants like Google.
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