Tinkov's deal with “Yandex” fell apart

Negotiations on the sale of Tinkoff Bank to Yandex ended in vain.

Let us remind you thatimmediately after the announcement of the merger, Yandex shares went up sharply, but now, after Oleg Tinkov's announcement about the cancellation of the deal, the company's shares fell to $ 58.

In his open letter, the owner of Tinkoffstated that Yandex viewed the deal as an acquisition of the bank, and not as a partnership agreement. At the same time, Tinkov wanted to remain in a leading position. He's writing:

Today, I made a decision to break the probablea deal with Yandex. Why? We started the conversation with COMBINING, looking for synergies, and rapidly growing our client base. And they wanted to build the largest private company in Russia. In fact, everything turned into a sale, they just wanted to buy Tinkoff, with all the ensuing negative consequences for us. Tinkoff is not sold to Yandex or MTS!

In addition, the head of the bank added:

I have a plan: Let us, and not they buy this Yandex! I don't believe in this bureaucratic company!

One of the leaders of Yandex Tigran Khudaverdyanexpressed the opposite version. According to him, Oleg Tinkov would become one of the major shareholders of the company and would continue to hold a leading position in the bank. He declared:

The final agreement that Oleg and Ipreviously agreed and announced together, it was thwarted. We constantly went to meet Oleg in his additional requirements. And, of course, we agreed that after the deal, Oleg would take part in managing the bank and help Yandex as a whole (this was logical, because as a result of the deal, Oleg would become a major shareholder of Yandex). Unfortunately, after each stage of the negotiations, more and more new requirements arose. Therefore, when today we learned that Oleg had decided to withdraw from the deal, we were not surprised

Subscribe to ForkNews on Telegram