Washington/New York: Alibaba Group Holding Ltd has hired a Washington lobbying firm in a sign that the Chinese e-commerce company would be willing to make a bid for all of Yahoo Inc. in the event that talks to unwind their Asian partnership fail.

Japan’s Softbank Corp., which owns a 30% stake in Alibaba and is a partner in Yahoo Japan, is also listed as an Alibaba affiliate in the disclosure by the lobbying firm, Duberstein Group Inc. Alibaba Group’s founder, Jack Ma, said in September he was keen to buy all of Yahoo if the opportunity presented itself.

“The national security concern is sometimes just an excuse for commercial concerns for any country, but certainly for the US," said Mark Natkin, managing director of Beijing-based consultancy Marbridge Consulting. “I don’t think there should be a big concern (for Alibaba buying Yahoo). Users may share or keep as much data as they like. “If they subscribe to Yahoo and (they know) Yahoo is owned by a Chinese company, they are going to have to make the decision themselves," Natkin added.

Alibaba, Softbank and Yahoo have been looking to unwind their complex web of relationships. Alibaba retained Duberstein in the fall when it was discussing a proposal with private equity firms to carve up Yahoo, a source familiar with the situation said. While they would jointly make a bid for the whole company, the idea was for the buyout firms to take over Yahoo’s US operations and for Alibaba and Softbank to get the Asian assets.

But a buyout of Yahoo has now been put on the backburner as the US Internet company is considering a proposal to address just the Asian assets that Alibaba and Softbank want. That plan, valued at roughly $17 billion, would reduce Yahoo’s 40% stake in Alibaba and get Yahoo out of Yahoo Japan, sources told Reuters last week. Yahoo is exploring proposals to revamp its business in the face of competition from Internet heavyweights such as Google Inc and Facebook Inc.

Investors have long said Yahoo’s investment in Alibaba, along with its 35% slice of Yahoo Japan, are far and away the US company’s most prized assets. Yahoo has a market value of around $20 billion.

Melanie Lee in Shanghai contributed to this story