UPDATE 1-China"s Qihoo 360 denies Alibaba to take stake in company

UPDATE 1-China"s Qihoo 360 denies Alibaba to take stake in company
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Wed Jan 8, 2014 10:16pm EST

By Paul Carsten

BEIJING Jan 9 (Reuters) – Chinese Internet company Qihoo 360 Technology Co Ltd denied on Thursday that e-commerce giant Alibaba Group Holding Ltd would take a stake in the company after its shares surged almost 10 percent on Wednesday on speculation the two were in talks.

“These are rumours someone has made up,” said Qu Xiaodong, vice chairman of Qihoo, which has a market capitalisation of $ 10.93 billion and specialises in security software and is China’s second-largest search engine by users.

Alibaba, which is gearing up for an IPO that could conservatively value the company at more than $ 100 billion, said it does not comment on rumours or speculation.

Qihoo shares shot up 9.3 percent on Wednesday on rumours the two companies were in the advanced stages of discussions for Alibaba to take a stake in Qihoo.

Alibaba and Qihoo have cooperated in the past, having launched a product search engine for online shopping in May last year.

Qihoo has already captured 22.5 percent of China’s search engine market as of December since breaking on to the scene in 2012, according to Alibaba-owned Internet data analysts CNZZ.

It is second only to Baidu Inc, whose search engine market share in China fell to 63 percent as of December from 80.4 percent in August 2012, when Qihoo launched its own search product.

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Reuters: Financial Services and Real Estate

Read more about UPDATE 1-China"s Qihoo 360 denies Alibaba to take stake in company and other interesting subjects concerning Real Estate at TheDailyNewsReport.com

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UPDATE 1-GM selling remaining Ally stake -report

UPDATE 1-GM selling remaining Ally stake -report
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Wed Dec 4, 2013 2:10pm EST

DETROIT Dec 4 (Reuters) – General Motors Co is selling its remaining stake in its former lending arm, Ally Financial Inc, the Wall Street Journal reported on Wednesday.

The private placement deal is worth about $ 900 million, the newspaper said, citing people familiar with the matter.

Officials with GM and Ally declined to comment. GM which owned a 9.9 percent stake in Ally at the end of September.

Once a part of GM, Ally was formerly known as GMAC. GM has been rebuilding its finance operations since selling a controlling stake in GMAC to private equity firm Cerberus Capital Management in 2006.

In November 2012, GM agreed to pay $ 4.2 billion for Ally’s European and Latin American auto lending operations as it moved to expand its in-house financing at its GM Financial unit as a way to boost sales. GM closed on those deals in April and October this year.

Last month, Ally bought back $ 5.9 billion worth of its shares from the U.S. Treasury and has repaid more than 70 percent of the total aid provided by the government.

Ally received a $ 17.2 billion bailout during the financial crisis. Last month, the Federal Reserve approved the company’s 2013 capital plan, clearing the way for repayment to Treasury.

Ally has struggled to recover from the mortgage meltdown. Last year, it put its troubled home loan subsidiary Residential Capital LLC into bankruptcy to stanch the bleeding from bad mortgages.

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Reuters: Bonds News

Read more about UPDATE 1-GM selling remaining Ally stake -report and other interesting subjects concerning Bonds at TheDailyNewsReport.com