Yahoo, Alibaba, Softbank Still Talking On Status Of Alipay

Here’s the latest on the status of Alibaba Group’s talks with shareholders Yahoo and Softbank on the status of the online payment company Alipay: they are still talking.

Alibaba recently transferred ownership of the unit to Alibaba CEO Jack Ma, a move the company said was necessary to comply with Chinese regulations barring foreign investment in domestic online payment services. Since the news of the move broke, Yahoo shares have fallen sharply, on fears that it will not be properly compensated for its share of the Alipay.

The three companies together late Tuesday (or early Wednesday, depending on your time zone) issued the following statement on the discussions:

“Alibaba Group and its major shareholders, Yahoo! Inc. and Softbank Corp. continue to be engaged in constructive negotiations, and we have made substantive and encouraging progress toward an agreement regarding Alipay. Our objective is to reach an agreement in a timely manner that serves the interests of all stakeholders. The companies will not comment in further detail until it is appropriate to do so.”

Bellwort technologies pvt. ltd.


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