Yahoo Inc.’s issues with Alibaba Group Holding Ltd. over the ownership of the Alipay online payments provider have yet to be resolved, though the companies are making progress, they announced June 22.
The Asian e-commerce operator Alibaba said it shifted the ownership of Alipay to a separate company to meet new Chinese licensing requirements. Yahoo, which owns a 40% stake in Alibaba, said in May that it was not aware of this transfer when it was initiated (
“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,” the companies said in a press release. “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.”
