Dutch holding company for Russian internet giant Yandex said on Friday it plans to sell control of most of Yandex Group, with the international divisions of some services being developed outside Russia.
Since Russia launched the war in Ukraine in February, Nasdaq-listed Yandex, often referred to as “Russia’s Google,” has faced pressure at home on the one hand and from its Western investors on the other, sparking speculation. about your future.
Yandex, registered in the Netherlands, said in a statement it was looking at options to “restructure the group’s ownership and governance in light of the current geopolitical environment”. Yandex’s Moscow-listed shares fell 4.8%.
The announcement comes hours after Russian President Vladimir Putin and former Russian Finance Minister Alexei Kudrin discussed Yandex’s future in an evening meeting, three sources familiar with the matter told Reuters.
The sources said Kudrin, a longtime colleague of Putin, is expected to step down as head of Russia’s Audit Chamber to take a post at Yandex. One of the sources said that could happen in the coming weeks.
Kremlin spokesman Dmitry Peskov said he could not confirm whether the meeting took place or not. The Audit Chamber declined to comment.
“Kudrin is someone the company considers a good person to deal with because he is liberal enough to understand that Russia needs a private internet company that is free of nationalizations and has credibility in Putin’s eyes,” said one of the sources. .
Another source, close to Kudrin, said: “This is the best option for the company, which can provide it with maximum business neutrality. On the one hand, to continue developing in the country… and on the other hand, not to lie under state (control).”
Almost 88% of Yandex’s ownership structure is free float, with many western funds among the shareholders.
Yandex said the strategy process is at a preliminary stage and any changes will require shareholder approval. The board expects Yandex NV to be rebranded in due course, with the business to be sold retaining exclusive rights to use the Yandex brand.
The Dutch parent said it would seek to sell control of all of Yandex Group’s other businesses, which include the company’s search and advertising unit, as well as an app transport and e-commerce business.
Source: CNN Brasil
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