Yahoo Inc (YHOO) and Alibaba Group have made considerable progress in remedying a “complex” dispute over Alibaba’s transfer of popular online payment subsidiary Alipay, said Yahoo Chief Executive Officer Carol Bartz, who added that the negotiations involve “a lot of moving parts.”
[Reuters]: “There’re a lot of moving parts but we’re making progress,” Bartz told investors at an annual analysts’ meeting on Wednesday. “We’re not going to get into a public back and forth.”
Yahoo co-founder Jerry Yang and CFO Tim Morse traveled to Asia last week to engage Alibaba and investor Softbank concerning the Alipay issue, though CEO Bartz admitted, according to Reuters, that the matter remains complicated.
Yahoo shareholder attention continues to be directly focused on the co.’s Asian assets, which include a 43% stake in Chinese e-commerce giant Alibaba.
Yahoo’s stock has dropped approximately 12 % since early May, once the web portal revealed that Alibaba had moved Alipay to a separate entity, potentially reducing the value of Yahoo’s stake in e-commerce giant Alibaba.
Yahoo shares were up 12 cents, or less than one percent, to $16.25 in recent trading amid a broader market rally.