Given Kremlin measures that oblige foreign companies leaving Russia to sell their assets at a 50 per cent discount, shareholders in Yandex's Dutch-registered holding company Yandex NV, most of whom are Western investment funds, could ultimately make about $7 billion from a full divestment. Russian billionaires including Vladimir Potanin, CEO and the largest shareholder of metals giant Nornickel, and Vagit Alekperov, co-founder and a major shareholder in oil major Lukoil, are among the bidders for assets ultimately valued around $14 billion, three people familiar with the matter told Reuters last month. Therefore, the situation has not been resolved there yet." "I know that several names that were originally in the applicants there have already dropped out of the list. Maybe their number will narrow in the new conditions, because, as far as I know, we were not the only ones who found these conditions not very comfortable," he said. "I do not know how many contenders will eventually remain. VTB's initial offer had envisaged acquiring a stake of around 15 per cent, which then dropped to 10 per cent. VTB was hit hard with Western sanctions over Russia's actions in Ukraine, something that limits its ability to front a consortium bid, Kostin said. "In general, there is the uncertainty factor, there is always the risk of sanctions and so on."
"Yandex, we believe, has good prospects – on the one hand, on the other – the company has its own peculiarities," Kostin said, pointing to the departure of founder Arkady Volozh. "It was announced at $7 billion recently, we submitted our application at a different price level, lower," Kostin said. Therefore, now we are in the so-called stand by: we are not actively negotiating." Its entire premise revolves around reducing loading times for most websites.
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"There are many factors in the deal now, one of them is the price increase compared to the original one. Download A program built for speed 1/3 Yandex.Browser pushes for a faster browsing experience. "We have never had the desire to steer Yandex, and for a portfolio investment it is important to correctly determine the entry price." "I am not sure that we will go into Yandex," Kostin told Reuters when asked about plans. The bank already holds a 1.5 per cent portfolio investment in Yandex. Kostin said he was not sure VTB would continue with its bid. Often dubbed "Russia's Google", Yandex is making progress on a corporate restructuring plan that should see it divest ownership and control of core, Russia-based businesses, in what could be one of Russia's most significant corporate deals this year. MOSCOW : Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex, the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer.
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