Google Sells Stake In Baidu

Google sold $63 million stake in Baidu 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’s shares.

Baidu is Google’s biggest Chinese search engine rival in China. Google, a distant number two in China’s 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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