16 May '11, 11am

Yahoo, Alibaba call for truce over Alipay spat

Yahoo, Alibaba call for truce over Alipay spat

HONG KONG : China's leading e-commerce portal Alibaba and Silicon Valley's Yahoo are calling for truce. In a joint statement on Monday, both parties said they are committed to productive negotiations to resolve outstanding issues. The announcement came after a very public spate last week over the transfer of ownership of Alibaba's online payment business. Relations between Alibaba and Yahoo have always been testy, even though the Silicon Valley giant owns a 40 per cent stake in Alibaba. But relations soured even more, when Alibaba transferred a key unit, Alipay, its online payment system, into a company controlled by Alibaba founder and CEO Jack Ma. Last Friday, Yahoo complained that it wasn't notified of the transfer until March 31. It also raised questions about appropriate compensation to Alibaba, the group and whether the transfer was done with the board's permission. ...

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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