激进投资者卡尔•伊坎希望eBay拆分PayPal业务。他上个月曾表示，独立管理将有利于促进交易市场和支付两个部门的增长。但eBay管理层却不这么认为。他们相信，放弃拆分反而对两个部门更有好处。

    但这其中有两个战略性问题。其一是关于eBay的未来结构。其二是eBay应该如何与伊坎打交道，因为伊坎在科技领域已经变得越来越活跃。

    周二上午早些时候， eBay CEO约翰•多纳霍访问了《财富》杂志（Fortune）的纽约总部，谈到了其他同行对伊坎的看法：

    • 蒂姆•库克，苹果公司（Apple）CEO。伊坎继续买进苹果公司的股票，最近放弃了敦促苹果大规模回购股票的提议。库克之前曾反对该提议。

    • 迈克尔•戴尔，戴尔公司（Dell）CEO。去年早些时候，戴尔公司宣布迈克尔•戴尔与银湖资本（Silver Lake）同意公司私有化之后，伊坎曾多次尝试发起竞购。此外，他还表示由伊坎掌控的戴尔公司将与迈克尔•戴尔没有任何关系。虽然他竞购失败，但却从持有的股份中发了一笔大财。

    • 里德•哈斯廷斯，奈飞公司（Netflix）CEO。2012年，伊坎收购了奈飞公司约10%的股份，还说购买奈飞的时机已经成熟。后来，奈飞公司实施了“毒丸计划”，来防止伊坎等激进投资者的恶意收购。最终，他卖出了约一半自己所持有的股份，获得了丰厚的利润（当然，如果他继续持有原先的股份，将获得更丰厚的回报）。

    当然，上面谈到的每一种情况都有自身的独特性，多纳霍也没有披露自己与库克等人的对话内容。但看起来，这些大型科技公司不仅非常重视伊坎，同时也在积极探讨如何应对这位来自纽约的激进“入侵者”。

    如果按照这样的剧情发展下去，或许会首次出现双赢的局面。库克、戴尔和哈斯廷斯都拒绝了伊坎的建议，结果表现很好。伊坎也获得了好处，他在每家公司所持有的股票都大幅上涨。eBay是否也会沿着同样的轨迹发展？我们将拭目以待。(财富中文网)

    译者：刘进龙/汪皓

    Carl Icahn wants eBay (EBAY) to spin off its PayPal subsidiary, arguing last month that separate management would improve the growth for both businesses. eBay managementdisagrees with Icahn, believing that its marketplace and payments businesses work better together than apart.

    But there really are two strategic issues here. One is about eBay's future structure. The other is about how eBay should deal specifically with Icahn, who has become increasingly active in the technology space.

    eBay CEO John Donahoe stopped by Fortune's New York offices earlier this morning, and mentioned that he has discussed Icahn with such peers as:

    • Tim Cook, CEO of Apple (AAPL).Icahn continues to amass shares in Apple, and recently backed off calls for a massive stock buyback that Cook had opposed.

    • Michael Dell, CEO of Dell Inc.When Dell announced early last year that Michael Dell and Silver Lake had agreed to take the company private, Icahn made several attempts at putting together a rival offer. He also suggested that an Icahn-owned Dell would not involve Michael Dell. He lost, but still made good money on his shares.

    • Reed Hastings, CEO of Netflix (NFLX).Icahn acquired around a 10% stake in Netflix in 2012, suggesting that the company was ripe for purchase. Netflix later adopted a poison pill to fend off a hostile takeover by activists like Icahn, and he eventually sold around half his stake at a healthy profit (albeit a much smaller one than had he held onto the stock).

    Each situation is, of course, unique -- and Donahoe didn't disclose the contents of his conversations with Cook, et al. But it does seem that big tech not only is taking Icahn seriously, but also is comparing notes on how to handle the activist intruder from New York.

    If this develops into a playbook, it may be the first in which both sides win. Cook, Dell and Hastings all eschewed Icahn's suggestions, and did just fine. So did Icahn, and the value of his stock in each company increased. We'll see soon if eBay follows a similar path.