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Microsoft buys Yammer for $1.2bn

Microsoft has agreed to pay $1.2bn to acquire Yammer, an internet startup that has built a social network similar to Facebook for the business world, the Associated Press has reported. The acquisition represents Microsoft's latest attempt to adapt to a major shift in the technology industry, one that is fuelling demand for more internet services and social networking tools. Last year, Microsoft bought internet video chat service Skype for $8.5bn in the biggest acquisition in the company's 37-year history.