Yahoo: Center of Global Chess Game

As Yahoo Inc. maps out its future, a new plan has emerged for the fate of its overseas investments, which are the critical part of any deal to sell the company.

The Internet pioneer has been exploring a potentially tax-free way to dispose of its roughly 40 percent stake in the Chinese e-commerce company Alibaba Group Holding Ltd., according to people familiar with the matter.

The strategy, known as a “cash-rich split-off,” could let Yahoo shed its stake in Alibaba, recently valued by Yahoo at about $14 billion, without paying taxes on the profit from a sale. The tax savings could amount to about $5 billion.

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