A group of investors and potential buyers of Yandex assets disagree on the position regarding the participation of Russian shareholders of the Dutch company Yandex NV in this business, Forbes reported. According to sources of the publication close to the development of the negotiations, the obstacle was the funds and companies that bought Yandex NV shares through Western infrastructure, and not through the Moscow Stock Exchange.
According to the interlocutor of the publication, there is a high probability that these investors will not be able to exchange their shares for shares of the Russian company Yandex. According to another Forbes source, the presidential administration is generally opposed to the conversion of securities located in the West. The reason for the disagreement could be that during the exchange the shares of the participants in the pool of large investors could be diluted.
At the same time, some shares of the Dutch company Yandex NV were purchased through the Moscow Stock Exchange. The current scenario of the agreement allows their exchange. In particular, shareholders will be able to exchange shares if Kaliningrad Yandex makes such a decision.
The restructuring of Yandex NV’s business will continue from 2022. During this time a number of scenarios were considered for the business sector. To help in this matter, Alexey Kudrin moved from the Accounts Chamber to Yandex. However, in the summer he was subject to US sanctions, which prevented his participation in the deal, the sources said.
According to the original plan, as part of the agreement, the Dutch Yandex NV was supposed to create a subsidiary in a special zone on Oktyabrskaya Island.
As sources previously told the publication, it is planned to sell control of this structure to a consortium of investors, among whom are Vladimir Potanin, the founder and deputy of Faberlic, Alexey Nechaev, Ivan Tavrin, the general director of RDIF, Kirill Dmitriev, and VTB. Kismet Capital did not confirm Tavrin’s interest in the assets. VTB also denies any connection with the agreement.
At the end of October, Yandex’s valuation was $5.5 billion, taking into account the mandatory 50% discount on the sale of assets to foreigners. Bloomberg reported that at least a part of Yandex NV investors will be able to exchange shares for securities of the Russian company Yandex.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
