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May 4: Shares of Yahoo! Inc, the most-visited US website, jumped as much as 17% in Europe after the New York Post reported Microsoft Corp asked for formal negotiations over a possible acquisition.
Yahoo shares gained as much as $4.82 to the equivalent of $33 in German trading, from the close of $28.18 on the Nasdaq Stock Market on Thursday. They traded at $32.68 at 12.16 pm in Frankfurt. The shares of Microsoft fell 1% to $30.67 in Germany from the close of $30.97 in the US on Thursday.
Microsoft was working with Goldman Sachs Group Inc on a possible deal, the newspaper said, citing unidentified bankers.
An agreement would create a dominant force on the Internet and raise the combined companies’ share of the search advertising market to 27%, compared with 65% for Google, the newspaper said.
Redmond, Washington-based Microsoft, the world’s largest software maker, wants to step up its advertising revenue to take on Google Inc. Microsoft has less than one-sixth the advertising revenue of Google, which uses its position in Internet search to sell ads.
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