{"id":21203,"date":"2023-06-11T13:01:27","date_gmt":"2023-06-11T17:01:27","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/exclusive-russias-vtb-may-pull-out-of-running-for-yandex-stake-ceo-kostin\/"},"modified":"2023-06-11T13:01:28","modified_gmt":"2023-06-11T17:01:28","slug":"exclusive-russias-vtb-may-pull-out-of-running-for-yandex-stake-ceo-kostin","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21203","title":{"rendered":"Exclusive-Russia’s VTB may pull out of running for Yandex stake – CEO Kostin"},"content":{"rendered":"
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\u00a9 Reuters. CEO of VTB bank Andrey Kostin attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS\/Anton Vaganov<\/span>
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MOSCOW (Reuters) – Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex <\/span><\/span> (NASDAQ:), the bank’s CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank’s initial offer. <\/p>\n

Often dubbed “Russia’s Google (NASDAQ:)”, 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.<\/p>\n

Kostin said he was not sure VTB would continue with its bid. The bank already holds a 1.5% portfolio investment in Yandex.<\/p>\n

“I am not sure that we will go into Yandex,” Kostin told Reuters when asked about plans. “We have never had the desire to steer Yandex, and for a portfolio investment it is important to correctly determine the entry price.”<\/p>\n

“There are many factors in the deal now, one of them is the price increase compared to the original one. We offered on a different level. Therefore, now we are in the so-called stand by: we are not actively negotiating.”<\/p>\n

“It was announced at $7 billion recently, we submitted our application at a different price level, lower,” Kostin said. <\/p>\n

“Yandex, we believe, has good prospects \u2013 on the one hand, on the other \u2013 the company has its own peculiarities,” Kostin said, pointing to the departure of founder Arkady Volozh. <\/p>\n

“In general, there is the uncertainty factor, there is always the risk of sanctions and so on.” <\/p>\n

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. VTB’s initial offer had envisaged acquiring a stake of around 15%, which then dropped to 10%. Kostin expects more changes. <\/p>\n

“I do not know how many contenders will eventually remain. 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.<\/p>\n

“I know that several names that were originally in the applicants there have already dropped out of the list. Therefore, the situation has not been resolved there yet.”<\/p>\n

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.<\/p>\n

Given Kremlin measures that oblige foreign companies leaving Russia to sell their assets at a 50% 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. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. CEO of VTB bank Andrey Kostin attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS\/Anton Vaganov MOSCOW (Reuters) – Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex (NASDAQ:), the bank’s CEO, Andrei Kostin, told Reuters, as […]<\/p>\n","protected":false},"author":1,"featured_media":21204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-21203","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nExclusive-Russia's VTB may pull out of running for Yandex stake - CEO Kostin | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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