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Chinese e-commerce company Alibaba Group Holding Ltd has hired US-based lobbying firm Duberstein in a move linked to a possible takeover bid for Internet giant Yahoo Inc, says a media report.
Alibaba Group has hired the Duberstein Group, which is headed by Kenneth Duberstein, a former chief of staff during the Reagan administration, The Wall Street Journal reported.
The Duberstein Group filed a declaration about being hired by the Alibaba Group with the US Senate on December 23, it added.
Alibaba Group Founder Mr Jack Ma has previously said he was interested in acquiring all of Yahoo, which owns a 40 per cent stake in the Chinese company, though Yahoo is considering a number of options.
The US online pioneer’s board is considering an offer that would involve substantially cutting its 40 per cent Alibaba stake and selling its 35 per cent ownership position in Yahoo Japan, the report noted.
The value of the transaction for the Asian assets is about $17 billion to $ 18 billion, it added.
Alibaba is a private company unaffiliated with the Chinese government, but takeover experts have said any Alibaba offer for Yahoo would face significant scrutiny from the US Government because most of its operations are based in China.
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