Struggling tech company announces ‘reverse spin’ that involves keeping Alibaba and spinning itself into a separate publicly traded holding companyYahoo has abandoned plans to sell its $31bn stake in Chinese e-commerce commerce Alibaba,announcing instead that it would be keeping Alibaba and getting rid of everything else.
CEO Marissa Mayer and chairman of the company’s board Maynard Webb called the process a “reverse spin” in a conference call with investors on Wednesday. Rather than spin off one division, Yahoo will spin itself off into a separate, and publicly traded holding company that will contain Yahoo’s core commerce and its stake in Yahoo Japan.
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Source: theguardian.com