Yahoo to spin-off remaining Alibaba stake
YAHOO boss Marissa Mayer (pictured) said last night it plans to spin off its 15 per cent stake in China’s Alibaba as the group posted a 52 per cent drop in fourth quarter earnings to $166m (£109m). Shares jumped after hours as traders welcomed the move, which will help Yahoo avoid a large tax bill while also simplifying its structure and boosting value for shareholders. Its Alibaba stake alone is worth around $40bn.