Yahoo announces tax-free spinoff of Alibaba stake worth US$40b
New company holding stake will be wholly owned by Yahoo shareholders
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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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