Yahoo says it will move European HQ to Switzerland

US internet giant Yahoo will move its European headquarters to Switzerland from London over the next year and a half, the company, quoted by an AFP report said.

'Yahoo! Europe has begun a programme to relocate its European headquarters to Switzerland,' the company said in a statement.

'This decision is part of our ongoing international business strategy to increase competitiveness, deliver financial results, performance and efficiencies.'

The statement said that the relocation would take about 18 months and would involve 5% of the company's work force in Europe.

It added: 'Yahoo! Europe remains committed to maintaining a strong presence in all of its key markets in Europe.'

It did not give any further details, the AFP report further said.