Yahoo says to move European HQ to Switzerland

FRANKFURT (Reuters) - Internet group Yahoo, which has rejected a $42 billion takeover bid from Microsoft, is moving its European headquarters to Switzerland from London, a spokeswoman said on Friday.

"This decision is part of our ongoing international business strategy to increase competitiveness and deliver financial result performance and efficiency," the London-based spokeswoman said, confirming a story in the Wall Street Journal.

"Yahoo Europe remains committed to maintaining a strong presence in all of its key markets in Europe. The relocation programme will take about 18 months."

The Journal also reported that Microsoft and Yahoo had met to discuss Microsoft's unsolicited takeover offer. The Yahoo spokeswoman had no immediate comment on that report.