Yahoo announces tax-free spinoff of Alibaba stake worth US$40b
New company holding stake will be wholly owned by Yahoo shareholders
New York
YAHOO is spinning off its stake in Chinese Internet giant Alibaba, splitting off the valuable holdings in a move that sidesteps taxes.
The strategy laid out on Tuesday aims to deliver more cash for shareholders than an outright sale of the US$40-billion stake, avoiding a hefty tax bill, and to help Yahoo's efforts to refocus under chief executive Marissa Mayer.
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