Alibaba.com (ALBCF) is unwilling to take part in its parent Alibaba Group's bid to buy a stake in Sohu.com Inc's search engine unit.
Alibaba Group and a fund founded by its chairman, Jack Ma, plan to buy a 16% stake in Sohu.com's search engine unit, Sogou, IDG News reported. The deal, which has not yet been finalized, may increase Sohu's search engine presence in China and draw users to Alibaba Group's e-commerce business.
Alibaba.com is not so keen. CEO David Wei said that he sees no value in participating in the deal with another search engine.
"We will not use third-party search technology," Wei said.
Still, Alibaba Group can choose to go ahead with the deal.
"Any investment, it is coming from Alibaba Group," Wei said.
What is Short Selling?
Make a profit when stocks prices fall.View Course »