Deals
Alibaba Cleared to Privatize Unit After Shareholders Vote
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Alibaba Group Holding Ltd. won approval to take a Hong Kong-traded unit private, simplifying its structure as it prepares to repurchase a $7.1 billion stake from Yahoo! Inc. before an eventual initial public offering.
More than 95 percent of votes cast by Alibaba.com Ltd. shareholders at a ballot in Hong Kong today supported the $2.5 billion buyout offer from the parent, Company Secretary Elsa Wong said. That was more than the 75 percent required to approve the transaction.