雅虎將繼續剝離阿里巴巴股份
Yahoo said on Monday that it will push ahead with the spin-off of its stake in Alibaba, the Chinese ecommerce company, by the end of the year, despite signs that US authorities are unhappy about allowing such deals to take place without incurring a tax charge.
週一雅虎(Yahoo)表示，將繼續推動在年底前剝離其手中持有的阿里巴巴(Alibaba)股份——儘管有跡象表明美國當局並不願允許公司不繳納稅款就開展這類交易。阿里巴巴是一家中國電子商務公司。
The disclosure that the spin-off would go ahead, subject only to an opinion from the company’s tax advisers, sent Yahoo shares up by more than 3 per cent in after-market trading, erasing part of the 5.25 per cent loss they had suffered during normal trading on Monday.
根據這一爆料，雅虎將只遵照該公司稅務顧問的看法，繼續開展剝離交易。消息傳來，雅虎股價在盤後交易中上漲逾3%，令週一交易日期間5.25%的虧損幅度收窄了一部分。
Doubts about the fate of Yahoo’s long-planned disposal of its Alibaba stake, currently worth some $22bn, were heightened earlier this month when it revealed that the Internal Revenue Service had declined to issue a letter in advance of the deal confirming that it would be tax-free. The IRS did not indicate which way it would rule, leaving a question over a deal that is central to the $27bn value of Yahoo itself.
本月早些時候，對於雅虎規劃已久的阿里巴巴股份處置方案的命運，人們的懷疑大大增加。當時，該公司披露美國國稅局(Internal Revenue Service，IRS)拒絕在交易前發出信件，確認此次交易將不會被課稅。IRS並未明示將如何裁決，從而爲該交易留下了一個問號。對於雅虎270億美元的市值來說，這次剝離交易是一個核心問題。
The IRS went on to issue a public notice this month that it was “concerned” about deals that fit the pattern that Yahoo was planning and was considering issuing new guidance on such deals. US companies have been able to spin off significant shareholdings and other assets free of tax provided they place them in a new company along with ongoing operations.
接着，IRS曾在這個月發佈一份公告，表示十分“關切”那些與雅虎計劃中交易的模式相符的交易，並且在考慮爲此類交易發佈新的規定。此前，美國企業一直可以將所持有的大量股權及其他資產剝離而不必繳納稅金，條件是它們將這些資產和正在運營的業務一道注入一家新成立公司。
However, the IRS also signalled that any change in its guidance about the tax status of spin-offs would not apply retroactively, easing some of the worries among Yahoo investors.
不過，IRS也曾表示，對剝離交易稅務狀況規定的任何變更，都不會溯及既往。這一表態在一定程度上減輕了雅虎投資者的擔憂。
The mixed signals from US tax authorities left Yahoo facing a number of options, none of which would has been as good for shareholders as a clean, tax-free spin-off.
美國稅務當局釋放的種種矛盾信號，令雅虎面臨一系列選擇。對股東來說，所有選項都比不上乾淨而無需繳稅的剝離交易。
It said on Monday it would continue with the original plan even in the absence of confirmation from the IRS, as long as it received a legal opinion about the tax-free nature of the deal, with the transaction due to take place in the final quarter of this year.
週一，雅虎表示即便沒有IRS的確認，該公司也會在瞭解有關該交易是否免稅的法律意見後，繼續按照最初計劃執行，交易定於在今年最後一季度開展。
