Chinese workers walk out from the Alibaba
head office building in Hangzhou, in eastern China's Zhejiang province
on May 21. China Investment Corporation is in advanced talks to add up
to $2 billion to the Alibaba Internet Group's efforts to buy back a
stake from struggling Internet pioneer Yahoo!
China Investment Corporation is in advanced talks
to add up to $2 billion to the Alibaba Internet Group's efforts to buy
back a stake from struggling Internet pioneer Yahoo!, the New York Times
reported.
The newspaper cited an unnamed source on
Thursday as saying that Alibaba is in discussions with several potential
partners, including Singapore's Temasek, Russia's DST Global and the US
Blackstone Group, on buying back the shares.
Alibaba hopes to raise a total of around $4.6 billion.
After more than a year of negotiations,
Yahoo! agreed to sell its stake in Alibaba, China's top e-commerce
player, for at least $7.1 billion, the companies announced Sunday.
The transaction will be carried out in
stages, with the first step calling for a repurchase by Alibaba of up to
one-half of Yahoo!'s stake, or approximately 20 percent of Alibaba's
total shares.
Yahoo! would receive from Alibaba
approximately $7.1 billion, composed of at least $6.3 billion in cash
proceeds and up to $800 million in newly-issued Alibaba preferred stock,
the firms said.
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