Alibaba Open to Stake Sale to Sovereign Wealth Funds, Ma Says -Bloomberg TV
06/07/2012| 10:00am US/Eastern
Alibaba Group Holding Ltd. (ALBIY) founder Jack Ma Thursday said the company is open to selling a stake in the e-commerce provider to sovereign wealth funds in order to finance a buyback of its shares from Yahoo Inc. (>> Yahoo! Inc.), Bloomberg News reported on its website.
"You need to have some guy with deep pockets," Mr. Ma told Bloomberg in an interview.
"I want to make sure it has healthy corporate governance. I don't want another big guy coming here. Five years later, 10 years later, the next generation of leadership cannot stand the pressure from shareholders," Mr. Ma said.
Alibaba, Mr. Ma said, is open to investments from firms such as China Investment Corp. and Temasek Holdings Pte., which already is an investor in Alibaba.
Efforts by Bloomberg News to reach CIC for comment were unsuccessful. Temasek spokesman Stephen Forshaw declined to comment on hypothetical situations, Bloomberg reported.
Full story at: www.bloomberg.com/news/2012-06-07/alibaba-open-to-temasek-cic-investment-to-buy-back-yahoo-stake.html
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