U.S. Internet giant Yahoo is in talks to sell its stake in the Japanese subsidiary Yahoo Japan.
Yahoo intends to “finalize the mechanism [for selling its stake] and we are cooperating with them,” said Akira Kajikawa, Yahoo Japan’s chief financial officer.
Yahoo is trying to sell its 35 percent stake in Yahoo Japan, and it is looking for a way to avoid paying taxes, according to the international press.
Yahoo is also interested in keeping only 15 percent of its stake in Alibaba Group, a Chinese online company.
If it succeeds with both projects, Yahoo could cash up to $17 billion, according to previous press reports, but taxes could be as high as $4 billion.
Yahoo Japan is an independent company funded in 1996. Its other main shareholder, Japanese telecom company Softbank, is reportedly not interested in buying any of Yahoo’s share in Yahoo Japan.
Several investors, including Microsoft, have considered lately buying shares of Yahoo. The American giant may avoid selling stocks from its core operation if it succeeds in selling its Asian businesses, analysts say.