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eBay wants PayPal to remain part of eBay for now

Carl Icahn invests in some of the largest technology firms in the world. One of the firms he is invested in heavily is eBay and recently Icahn proposed that eBay spin off its PayPal division. EBay's CEO says that he listened to Icahn and his proposal for a spin off, but ultimately rejected it.
 
Icahn hasn’t offered any official comments on the story at this time.
 
EBay purchased PayPal back in 2002 for $1.5 billion and had previously toyed with the idea of spinning off the payment service. However, eBay recently decided that spinning the payment service off to be its own company would harm the overall synergies between its ecommerce business and payments arm.
 
"First, eBay accelerates PayPal's success. Second, eBay data makes PayPal smarter. And third, eBay funds PayPal's growth," Chief Executive John Donahoe told analysts on a post-results conference call.
 
Word of the potential spin off sent shares in PayPal and eBay up. EBay expects revenue of between $18 billion and $18.5 billion for 2014 with analysts predicting $18.5 billion.

Source: Reuters





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