22.05.2023, 11:06
Yandex shares rise in price on the news for the second day in a row
Source: OREANDA-NEWS
OREANDA-NEWS Yandex shares rose in price at the beginning of Monday's trading on the Moscow Stock Exchange by 6% to 2,357.6 rubles apiece; they are rapidly getting more expensive for the second day in a row (on Friday their quotes went up by 9.4%) on media reports about the possible purchase of a controlling stake in the company.
The Board of directors of Yandex may meet next week to discuss applications from applicants for the acquisition of at least 51% of the shares of the Internet company, Bloomberg reported at the end of last week, citing sources. The cost of such a package is estimated at $7-7.5 billion. At the same time, even if a decision is made, it may not be final due to the fact that the candidates of buyers will be approved by the Russian authorities, the agency clarified.
The proposals were received from the founder of LUKOIL Vagit Alekperov and the head of Norilsk Nickel Vladimir Potanin, whose application includes potential co-investors, including Roman Abramovich and VTB Bank (the latter are already minority shareholders of Yandex - IF). Viktor Rashnikov, Chairman of the MMK Board of Directors, and Alexey Mordashov, the main owner of Severstal, may also join the consortium.
At the end of November last year, Yandex announced possible changes in the corporate structure, under which the Russian business is planned to be transferred to the "management department", while the head structure of Yandex N.V., registered in the Netherlands, may withdraw from the number of owners of Russian business. International parts of the "clouds", drones, education and crowdfunding areas will also be transferred to her.
It is not yet clear when the restructuring may take place, but the transaction will require approval from shareholders. The question of who can acquire the company's Russian business has not been commented on by Yandex since the announcement of the upcoming changes.
The main shareholder of Yandex is a family trust established by the company's co-founder Arkady Volozh. The Fund owns 8.5% of Yandex's capital and 45.1% of votes.
Free float is 87.9% of the capital (46.5% of votes).
The Board of directors of Yandex may meet next week to discuss applications from applicants for the acquisition of at least 51% of the shares of the Internet company, Bloomberg reported at the end of last week, citing sources. The cost of such a package is estimated at $7-7.5 billion. At the same time, even if a decision is made, it may not be final due to the fact that the candidates of buyers will be approved by the Russian authorities, the agency clarified.
The proposals were received from the founder of LUKOIL Vagit Alekperov and the head of Norilsk Nickel Vladimir Potanin, whose application includes potential co-investors, including Roman Abramovich and VTB Bank (the latter are already minority shareholders of Yandex - IF). Viktor Rashnikov, Chairman of the MMK Board of Directors, and Alexey Mordashov, the main owner of Severstal, may also join the consortium.
At the end of November last year, Yandex announced possible changes in the corporate structure, under which the Russian business is planned to be transferred to the "management department", while the head structure of Yandex N.V., registered in the Netherlands, may withdraw from the number of owners of Russian business. International parts of the "clouds", drones, education and crowdfunding areas will also be transferred to her.
It is not yet clear when the restructuring may take place, but the transaction will require approval from shareholders. The question of who can acquire the company's Russian business has not been commented on by Yandex since the announcement of the upcoming changes.
The main shareholder of Yandex is a family trust established by the company's co-founder Arkady Volozh. The Fund owns 8.5% of Yandex's capital and 45.1% of votes.
Free float is 87.9% of the capital (46.5% of votes).
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