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June 22, 2006
Google Sells Its Baidu Stake
From TheStreet.com:
Shares of Baidu slumped after Google sold its 2.6% stake in the Chinese search engine.
Baidu fell $4.86, or 5.8%, to $79.54 after Bloomberg and CNBC reported the sale. A Google spokesman and a U.S.-based Baidu representative couldn't immediately be reached for comment.
Google, which released a censored version of its service in China earlier this year, purchased a stake in Baidu in June 2004, before its public offering, according to Bloomberg. The news service estimates Google's Baidu stake to be worth more than $63 million based on yesterday's closing price.
Posted by edelfenbein at June 22, 2006 5:06 PM
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