Internet giant Yahoo! Inc. announced yesterday that the IRS will not grant the private letter ruling the company requested in regards to the proposed tax-free spin-off of its remaining stake in Alibaba Group Holding Ltd.
Alibaba and shareholders including Yahoo! Inc. sold 320.1 million shares in the Hangzhou, China-based company for $68 each, after offering them at a range of between $66 and $68, according to a statement.
The dollar strengthened to a 14-month high and commodities declined to the lowest level in five years after data added to evidence China’s economy is slowing. Russia’s ruble weakened to a record after the European Union and U.S. imposed new economic sanctions.