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Reports: Yahoo nearing sale of half its stake in Chinese e-commerce co. Alibaba, could get $7B
NEW YORK (AP) ' Yahoo Inc. may finally be nearing a deal to sell a part of its prized stake in the major Chinese e-commerce provider Alibaba.
Bloomberg Businessweek is citing unnamed sources in reporting that the struggling U.S. Internet company could announce as early as Sunday that it has reached an agreement to sell half of its 40 percent stake in Alibaba.
The transaction could bring Yahoo $7 billion.
Representatives for Yahoo and Alibaba declined comment on Sunday.
The companies have been negotiating for more than a year. The talks at various times also have involved Japan's SoftBank Corp., Alibaba's other major shareholder.
The deal could help appease Yahoo shareholders by giving the company a cash infusion for dividends and possible acquisitions or share repurchases.
Yahoo's market value is $19 billion.