25 May 2023 17:24

Yandex looking at proposals from investors, management will retain controlling stake - company

MOSCOW. May 25 (Interfax) - Yandex has said officially for the first time that it has received proposals from potential investors for the acquisition of an economic interest in the businesses, and that control will remain in the hands of management.

A final decision on the potential composition of investors has yet to be made, the Russian Internet company said in a statement.

"The board has not yet made a decision on the investment proposals. Any transaction will be done in strict compliance with all applicable sanctions requirements," it said.

Bloomberg has reported that proposals have been received from Lukoil founder Vagit Alekperov and Nornickel head Vladimir Potanin, whose proposal includes potential co-investors, including billionaire Roman Abramovich and VTB, already minority shareholders of Yandex. The consortium might also be joined by the chairman of steelmaker MMK Viktor Rashnikov and Severstal principal owner Alexei Mordashov, the agency said.

VTB has already officially announced its interest in buying a stake in Yandex as part of a consortium of investors, but a final decision on this has not yet been made, the bank's press service said.

Yandex itself does not give any names in its press release.