Yahoo rises on decision to proceed with Alibaba stake spinoff

(Reuters) – Yahoo Inc shares rose as much as 6 percent on Tuesday after the company said it would proceed with the spinoff of its stake in Chinese e-commerce company Alibaba Group Holding Ltd despite the risk that the deal might not be tax-free. Shares of Yahoo, which have fallen about 45 percent this year, touched a high of $29.23 on the Nasdaq on Tuesday. Alibaba shares were up 1 percent at $57.97 in morning trading.

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