NEW YORK- Yahoo! Chief Executive Carol Bartz said Wednesday that progress is being made to resolve a dispute with partner Alibaba ownership of payments service Alipay online.
"We believe that we are making significant progress," Bartz said financial analysts interviewed on the situation with Alipay and Alibaba, the giant Chinese e-commerce in which Yahoo! holds a significant interest.
Yahoo! notified the US Securities and Exchange Commission earlier this month above that the property of Alipay, the Alibaba payment platform, has been moved to the Chinese company principally owned by Alibaba executive chef Jack Ma.
Yahoo! stated that the transfer was made without the knowledge or approval of the Council of the Alibaba of directors or the shareholders, including the Japanese Softbank.
My alibaba said Yahoo! and Softbank were informed of the transfer of property and was made to conform to the Chinese licensing regulations.
Yahoo! holds a participation of 43 per cent in Alibaba and a share of 40 per cent of the Alipay.
"We will engage with Softbank and constructive Alibaba," Bartz said Wednesday, adding that Yahoo! Jerry Yang co-founder and CFO Tim Morse had visited Asia week last for talks.
"Alibaba management has been very committed and cooperative to work with Yahoo! and Softbank to achieve our goals", she said.
Bartz said that it was therefore agreed the Alibaba group talks would properly be "offset the value of Alipay", but she declined to provide any more details about the talks.
She also refused to participate in recriminations.
"We sincerely agreed with Softbank and Alibaba group that none of us will discuss the past," she said. "" "". "I am keeping our word."
Yahoo! shares were down 13% since the dispute resurfaced on Alipay. Yahoo! shares increased 0.09% Wednesday at 4 p.m. $15.
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