Google Sells Stake In Baidu

Google has sold its $63 million stake in Baidu, its biggest Chinese search engine rival, on 25 May.

Google was once considered a potential acquirer of Baidu and is believed to make a 12-fold return on its $5 million investment in June 2004. At the time of the August 2005 IPO, Google’s stake represented 2.6% of Baidu shares.

Google, a distant number two in the Chinese Internet search industry, has subsequently moved to establish operations in China and competes with Baidu. However, Baidu commands the same dominant position in China that Google does in many other countries.

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