A privately owned internet e-commerce company Alibaba is intending to buy Yahoo, an American internet company famous in online advertising and advanced search. The CEO of Alibaba.com Jack Ma is very enthusiastic about this plan as he told he would be very interested in Yahoo. Ma was speaking with an audience at Stanford University.
Ma is interested in acquiring all of Yahoo in addition to its share in Alibaba.com. The proposed acquisition intention is expected to help Alibaba.com in expanding its business into one of the world’s most vital Internet markets. Shares of Yahoo jumped 5% to close at $13.80 in after-hours trading.
Ma plans to stay in San Francisco Bay area for the coming year as he intends to study about the country and the market. In the meantime he will also oversee his operational obligations as chairman and CEO of the Alibaba Group.