Yahoo! Quits UK, Moving HQ from London to Geneva

Yahoo! is setting to quit on UK. They are planning to complete the move of their EU headquaters from London to a site on the shores of Lake Geneva within the next 18 months. Yahoo! is currently facing a takeover bid worth more that $40 billion by powerhouse Microsoft, which seeks to acquire Yahoo! to compete with Google.

Swiss media have reported that Yahoo will benefit from a special tax break in Switzerland, which would be a great boost from a financial standpoint, but Yahoo! declined to comment on the reports. The group said about 5% of its 700 UK staff will move and a number of managers are understood to have been told they have 30 days to decide to move.