Yahoo Inc. and Alibaba Group released a joint statement saying they are engaged in "productive negotiations" over online payment service Alipay. The two tech giants are aiming to present a united front as their relationship strains, though they gave few details on how negotiations are progressing.
Yahoo owns 43 percent of Alibaba, a powerful Internet company in China. On Tuesday, Yahoo surprised Wall Street when it said that Alibaba had spun off its online payment service, Alipay. Investors, worried that Yahoo's stake in Alibaba will now become less valuable, sent Yahoo's stock down.
Alibaba transferred Alipay to another company owned by its CEO, Jack Ma. He has been more antagonistic since Carol Bartz became Yahoo's CEO in January 2009.