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Rumor: SoftBank CEO Boycotts Alipay Settlement Talks

Caijing, 6/02/11

Two sources close to e-commerce conglomerate Alibaba Group have told Caijing that Masayoshi Son, CEO of Softbank, which holds a 29% stake in Alibaba, has refused to participate in negotiations regarding compensation for Alibaba's recent transfer of ownership of online payment platform Alipay.

According to one source, any settlement agreement will require Son's approval, but he has expressed disapproval over the handling of the assets transfer and refused to participate in talks or comment on Alibaba Group and Yahoo's proposed settlement plan.

During a conference call on May 25, Yahoo CFO Tim Morse said that Yahoo was still in talks with Alibaba Group and had drafted a settlement agreement that addressed issues such as compensation and valuation of Alipay.

Editor's Note: For more information on this topic, please see "Rumor: Alibaba Group, Yahoo Reach Agreement on Alipay" MD 6/01/11 issue.

Keywords: third-party payment Internet valuation Alipay Softbank Masayoshi Son Yahoo online payment Alibaba Group e-payment

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