The China Economic Review reports:

Chinese internet firm Alibaba Group, which is 39% owned by Yahoo, has hired advisers to help it negotiate for expanded management independence should Yahoo be acquired by Microsoft, the Wall Street Journal reported. Alibaba executives believe Microsoft will succeed in its bid for Yahoo, and has hired lawyers and financial advisers to evaluate issues such as how Alibaba could increase management's control in areas such as board composition and voting rights. This follows concerns about how the Chinese government would view a combination of Microsoft and Yahoo. Chinese regulators have already contacted Alibaba seeking information on how it could be affected by a Microsoft purchase.

Source:

http://www.chinaeconomicreview.com/dailybriefing/2008_02_18/Alibaba_seeks_advice_on_possible_Yahoo_acquisition.html