Alibaba, Yahoo try to repair ties with the Joint Declaration

Yahoo and Alibaba Group issued a joint statement on Sunday, in what appeared to be a symbolic effort by companies to go beyond of a dispute involving a Chinese online payment service.

The dispute became public last week, where it was revealed that Alibaba Group had transferred ownership of its payment service popular online Alipay to a Chinese company controlled by Alibaba Group CEO, Jack Ma.

Yahoo has a set of 43 per cent in Chinese electronic commerce giant Alibaba group. But the two companies have had a rocky relationship in the past.

The restructuring has threatened to devalue the investment of Yahoo! in Alibaba group, leading the two companies to release the pointer finger of the other statements.

Yahoo said the restructuring happened without knowledge of the company. But Alibaba has responded that the claim and said the need for the transfer of Alipay has been discussed with the Council of the society, which Yahoo is sitting on.

The statement Sunday, while providing little new information, indicated that the two companies, with Softbank, another majority shareholder of Alibaba, working towards a resolution.

"" Alibaba group and its principal shareholders of Yahoo! Inc. and Softbank Corporation, are engaged in and committed to productive negotiations to resolve outstanding issues Alipay in a manner that serves the interests of all shareholders as soon as possible "said the statement."

Alibaba spokesman John Spelich said Alibaba group has already received compensation for the transfer of ownership of Alipay, but he declined to give further details.

Alibaba and Yahoo fought on other trade issues in the past. Last year, criticized Alibaba Yahoo to support Google after the search engine company said that it had been hit by cyber attacks from China.

Alibaba also wanted access to Yahoo search engine technology. In 2009, Yahoo has entered a deal to use in the place at the service of Microsoft Bing, who in addition to causing Alibaba to believe in its partnership with Yahoo had not all the benefits.

Last year, the two companies had interviews on Yahoo selling its stake back to Alibaba. But the negotiations failed to produce an agreement.