Yahoo shares rose after a news provider said the US-listed internet company is looking to reduce its corporate venturing stake in China-based online auction company Alibaba Group and Asian peer Yahoo Japan.
Yahoo shares rose 6% on the Nasdaq stock exchange after the New York Times said the internet company was aiming to cut its Alibaba stake to 15% from 43%.
Yahoo bought its stake in Alibaba for $1bn in 2005.
Yahoo has been tidying up its minority shareholdings with the sales of its 12% stake in India-based Consim, which owns the online matchmaking portal bharatmatrimony.com, at a $190m valuation. Venture capital firms Bessemer Venture Partners, Mayfield Fund and Canaan Partners acquired Yahoo’s stake.