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Wednesday, September 2, 2009

Icahn cuts stake in Yahoo!

Billionaire investor Carl Icahn has sold 12.7 million shares in Yahoo!, cutting his stake in the company a month after it formed an Internet search partnership with software giant Microsoft.

Icahn, a member of Yahoo!'s board and one of Yahoo!'s largest shareholders, sold the shares during the last 3 trading days on Wall Street, according to a filing on Monday with the Securities and Exchange Commission (SEC).

Icahn sold the shares at prices between $14.74 and $14.92.

In November, following the decision of Yahoo! co-founder Jerry Yang to step down as head of the Internet firm, Icahn increased his stake in Yahoo! to 5.4%, up from the 5% he owned previously.

Icahn and Yang were involved in a very public dispute last year when Yang rejected a $47-billion takeover bid by Microsoft for the company he founded with a Stanford University classmate in 1995.

Icahn's sale of Yahoo! stock came a month after the company agreed to a Web search and advertising partnership with Microsoft.

Under the no-cash deal, Yahoo! will use Microsoft's new Bing search engine on its own sites while Yahoo! will provide the exclusive global sales force for the companies' premium search advertisers.

Yahoo! lost 1.62% in New York on Monday to close at $14.61.

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