Yahoo shares up on Microsoft talk

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Shares in Yahoo have risen by as much as 14% upon media reports suggesting the internet firm had been approached by Microsoft about a potential tie-up. US reports suggested Microsoft was keen to pair up with Yahoo in a deal which could be worth up to $50bn (£25bn). Persistent talk of a possible deal has surrounded the two firms in recent years, with reports claiming the duo held informal merger talks last year. Neither would comment, calling the new reports "rumours and speculation". Yahoo shares closed trading up 9.9% at at $30.98 after reports of a possible tie-up with Yahoo in the Wall Street Journal and the New York Post. But Microsoft's shares fell by more than 1% on the news.