In 2022, the trust transferred its voting rights to the company's independent board members, according to a spokesperson for the family. However, the Volozh family trust no longer has any voting rights in the company. Volozh's family trust (45.1%) and the company's board members, managers and employees (6.6%) were the main owners of the voting shares. After the company enters the binding agreement with respect to the divestment, it will publish a shareholder circular and the proposed restructuring will then be subject to shareholder approval (including separate approval of Class A shareholders),” Yandex said in a statement. “The company’s goal is to bring a restructuring proposal to shareholders for approval later this year. About a dozen bidders of Russia's richest oligarchs submitted bids for the company, with Potanin and Alekperov previously reported in the lead. As with the current corporate structure, Yandex's management will retain control," the press service said as cited by Kommersant on May 26.Īfter the split of Russian internet major Yandex local investors are expected to take over 51% of the Russian entity for about $4bn (total $8bn valuation), while the minority stake of 49% will be retained by Netherlands-based Yandex NV, which is the legal entity listed in New York. "The new economic investors will not have control over the company. Russia’s President Vladimir Putin greenlit the sale of the controlling stake in the internet giant Yandex to VTB Bank and billionaires Vladimir Potanin, Vagit Alekperov, Alexei Mordashov and VTB Bank on May 22.īut Yandex’s board resolved on May 25 that new shareholders will not get control over the company after the restructuring, which will continue to be run by its management. Yandex’s board of directors is in the process of restructuring the company and have received proposals from a number of potential investors to acquire the company’s core businesses, including all the Russia-based businesses. The trading of Yandex NV’s Class A shares on the Moscow Exchange has been unaffected and continues as usual, the company said. Trading in the company’s shares on Nasdaq was halted on February 28 and the shares remain frozen, despite the positive decision by the exchange. Specifically, Nasdaq insisted that ownership and control of a number of core Russian businesses must be sold by the end of 2023. ![]() On June 6, 2023, Yandex was told the Hearings Panel had decided to grant Yandex’s request and to continue its listing on Nasdaq, subject to certain conditions related to the timing and implementation of Yandex’s proposed corporate restructuring. Yandex appealed against the decision and began the process of ditching its Russian assets, which are in the process of being sold off, but has kept some its non-Russian assets in the US listed entity.Ī hearing was held before the Nasdaq Hearings Panel on April 27 to consider Yandex’s appeal. On March 15, shortly after the outbreak of the war in Ukraine, Yandex received a notice from Nasdaq’s Listing Qualifications Staff informing the management that the company’s Class A ordinary shares would be delisted from the US exchange as part of the extreme sanctions imposed on Russia and its leading companies. ![]() US stock exchange Nasdaq has decided not to delist the Russian tech giant Yandex NV from its New York exchange, provided the company completes plans to sell off all its Russian assets, the company announced on June 8.
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