Oct 16, 2020
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Yandex shares fell 4.1% after news of cancellation of deal with TCS Group

Shares of Yandex on the Moscow Exchange fell 4.1% from the previous session's close. Earlier it became known that the deal between the IT company and the parent structure of Tinkoff Bank TCS Group will not take place.

According to the Moscow Exchange at 12:07 Moscow time, Yandex shares reached 4,560.2 rubles per share, at 12:32 Moscow time the share quotations slowed down to 2.8%, the securities were already traded at the level of 4,618 rubles per share. As of 16:16 Moscow time, 4666 rubles were given for one share of Yandex.

As wrote, Tinkoff announced the termination of all negotiations on the possibility of purchasing the group of companies by the Internet holding Yandex. Prior to that, the parties reported that they had reached an agreement in principle that Yandex would buy the group for $ 5.48 billion. At the same time, Yandex and Tinkoff stressed then that there was no confidence in reaching final agreements yet.

The Tinkoff company had to undergo a complex due diligence, and Yandex had to obtain the consent of the shareholders for the deal. With reference to a source familiar with the situation, The Bell portal reported that Oleg Tinkov, in addition to Yandex's offer to buy the bank, was considering other offers, the buyer of the business could be MTS or MTS Bank.


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