Alibaba hires U.S. lobbying firm as it eyes Yahoo

Wed Dec 28, 2011 6:48pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Paritosh Bansal and David Ingram

(Reuters) - Alibaba Group has hired Washington lobbying firm Duberstein Group Inc, in a sign that the Chinese company would be willing to make a bid for all of Yahoo Inc if talks for buying back Yahoo's Asian assets do not succeed.

Japan's Softbank Corp is also listed as an Alibaba affiliate in the lobbying firm's disclosure.

Alibaba declined to comment.

Alibaba, which has been interested in buying back most of the 40 percent stake that Yahoo owns in it, retained the lobbyist firm in the fall to prepare for the possibility that it might have to bid for all of Yahoo, possibly along with some private equity firms, a source familiar with the situation said.

However, now Yahoo is considering a proposal by Alibaba and Softbank to buy shares Yahoo owns in the Chinese company and Yahoo Japan in a complex deal valued at roughly $17 billion, sources told Reuters last week.

Yahoo owns 35 percent of Yahoo Japan, with Softbank as the majority partner in that venture.

The Duberstein Group is headed by Kenneth Duberstein, a former White House chief of staff under U.S. President Ronald Reagan. Its other clients include BP America Inc, Goldman Sachs & Co and Pfizer Inc.

The filing marks the first time Alibaba has registered to lobby the U.S. government, according to a search of congressional records.   Continued...

 
<p>A man walks past a logo of Alibaba (China) Technology Co. Ltd at its headquarters on the outskirts of Hangzhou, Zhejiang province August 11, 2011. REUTERS/Steven Shi</p>