Exclusive-Yahoo and Alibaba reach agreement over Alipay:sources

Reuters News
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Posted: May 31, 2011 4:14 PM

NEW YORK (Reuters) - Yahoo Inc has resolved its dispute with Alibaba Group over the Chinese company's transfer of a major Internet asset to its chief executive, two sources close to the matter said.

The two companies reached an agreement before Yahoo's analyst meeting on Wednesday, one of the sources said. The consent of Softbank, founded Masayoshi Son who is an Alibaba board member, is required to seal a deal.

Son has been reluctant to come to the negotiating table, according to the sources.

(Reporting by Nadia Damouni and Jennifer Saba in New York)