Reported 12 months ago
A consortium leading a buyout of Yandex NV, referred to as Russia's Google, from its Dutch parent company has received bids from investors to exchange 43.9 million out of an eligible 50.0 million shares. The consortium, comprised of Yandex Russian management, an oil major Lukoil fund, and other companies, announced terms in May for Yandex NV shareholders to sell or exchange their shares for shares in Russian entity MKPAO Yandex, receiving bids representing almost 99% of eligible shares. Foreign investors' assets in type-C accounts have been effectively blocked since Russia invaded Ukraine in 2022, and Yandex's sale reflects a 50% discount mandated by Russian law for parent companies in 'unfriendly' countries.
Source: YAHOO