MOSCOW : Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex, the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer. Often dubbed 'Russia's Google', Yandex is making progress on a
MOSCOW : Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex, the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer.
"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." "Yandex, we believe, has good prospects – on the one hand, on the other – the company has its own peculiarities," Kostin said, pointing to the departure of founder Arkady Volozh.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 per cent, which then dropped to 10 per cent. Kostin expects more changes.
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