Google has announced that it will sell its minority stake in Chinese search engine Baidu.com
Google's 2.6 per cent of Baidu is now worth $60m
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Google sells stake in Baidu.com

Chinese search rival ditched in favour of Google China

Matt Chapman, vnunet.com 23 Jun 2006
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Google has announced that it will sell its minority stake in Chinese search engine Baidu.com

The search giant owns just 2.6 per cent of Baidu, but has decided to sell up to concentrate on its own service in the region, Google China

Google will still profit from the sale, however, as shares in Baidu have risen to $80 since their opening price of $27 last year.

The $5m (£2.74m) worth of shares that Google owns are now worth more than $60m (£33m).

Google had previously dismissed rumours that it was going to close Google China because of Chinese government censorship.

See also:

Google's managing director for the UK, Benelux and Ireland has quit the company to take a break from her careerKate Burns quits to spend time with family  15 Jun 2006
Google has signed a deal with Japanese mobile phone company KDDI CorpSearch deals pencilled in with Japan and China  19 May 2006
Google has launched a beta of its Google Web ToolkitNew developer tool makes for bug-free Ajax code  18 May 2006
Google is rumoured to be adding a health search to its list of servicesOne-stop shop for hypochondriacs may feature diagnosis and treatment advice  09 May 2006
Google is to enable advertisers to add logos and business information to their listings on Google MapsGoogle has begun offering local advertising on the internet  01 Apr 2006
Google ChinaSearch giant's China crisis deepens  26 Jan 2006

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