Yahoo Japan in talks with parent over stake sale
By Juro Osawa, Dow Jones Newswires
Wednesday 25 January 2012
Japanese Internet firm reported 2.7% increase in quarterly net profit on back of higher advertising revenue.
Yahoo Japan Corp. said Wednesday it is in talks with Yahoo Inc. on how the latter can sell its stake in the Japanese company, worth over $6 billion by market value, without paying hefty taxes, in one of the most public comments yet about potential share dealings at the struggling U.S. Internet giant.
"Yahoo Inc. is still trying to finalize the mechanism (for offloading its stake) and we are cooperating with them," said Yahoo Japan's Chief Financial Officer Akira Kajikawa at a press conference.
Yahoo Inc. owns a nearly 35% stake in Yahoo Japan, while Japanese mobile and Internet service firm Softbank Corp. owns a 42% stake.
(totaltele.com)
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