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Softbank says in talks to invest in Alibaba Japan

Wed May 14, 2008 8:04pm EDT

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TOKYO, May 15 (Reuters) - Telecoms and Internet firm Softbank Corp (9984.T) said it was in talks to invest in the Japanese unit of Alibaba Group, aiming to boost the Chinese Internet firm's business-to-business service in the country.

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The Nikkei business daily reported that Softbank would invest 2 billion yen ($19 million) to take a 65 percent stake in the unit through a private placement to be conducted between July and September. Softbank spokesman Hideo Azuma said the companies had not agreed on details yet.

Softbank currently owns about 30 percent of Alibaba Group, which runs Yahoo Inc's (YHOO.O) China operation as well as other Web businesses, including Alibaba.com Ltd (1688.HK), the country's largest listed Internet firm. (Reporting by Sachi Izumi; Editing by Rodney Joyce)

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