Monday, December 19, 2005

Google Not to Raise Stake in Baidu

From Reuters:

"Web search leader Google Inc. said on Monday it may not raise its small stake in China's top search engine, even as competition rises in the fast growing sector.

"We have a very small stake in the company, which is a strategic investment that was made a while back, but as far as I know there aren't any plans beyond that," Daniel Alegre, the director of international Websearch & Syndication, told reporters on the sidelines of a conference.

Google owns 2.6 percent of Baidu, and was believed to be seeking to boost its stake prior to the Chinese company's hugely successful initial public offering in August."

China's Search Leader Baidu Intends to Stay Independent