Yahoo's management was yesterday accused of incompetence after it sold a price-comparison website for reportedly less than a quarter of what it paid for it four years ago.

Kelkoo, launched in France eight years ago, was bought by Yahoo for €475m in March 2004. Terry Semel, Yahoo chief executive at the time, said it would add "depth and breadth" to the group's consumer services. Yet, although profitable, Yahoo said a year ago it was not happy with Kelkoo's performance and that it was looking at strategic options, including a sale.