"Yandex" can go under the state administration

Sberbank is negotiating the purchase of Yandex shares, a source familiar with one of the bank’s top managers told Vedomosti. According to him, at least two options are considered:

• obtaining by the state bank of actual control over the company (with the help of voting shares);
• purchase at least 20% of the shares.

In the future, the transition of "Yandex" under the state administration of the company's shares since yesterday fell by 8% . In less than a day, the company lost approximately $ 1.5 billion in capitalization.

The State Bank itself denies the fact of negotiations. Arkady Volozh declined to comment, but the market clearly believes in rumors. In a comment to Vedomosti, the fact of the negotiations was confirmed by a federal official and a person who knows this from another federal official. One of them said that Sberbank is not the only contender for the purchase of Yandex.
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The transition of “Yandex” to the state administration almost inevitably involves participation in the transaction of Arkady Volozh, the company's largest shareholder. “Yandex”, according to the standard scheme, issued Class A shares (1 vote) and Class B shares (10 votes). Until the beginning of this year, the largest shareholder owned 10.35% of the capital and 49.2% of the votes, but this year Arkady began to gradually sell the shares and his share fell to 9.8%.

Other largest shareholders are one of the first employees of the company, Vladimir Ivanov (3.83% of capital, 6.23% of votes) and the American company WMC (5.12% of capital, 2.46% of votes).

Until now, Sberbank owned only a “golden share”, which gives the right to veto the sale of more than 25% of Yandex shares. Sberbank acquired the "golden share" in 2009 for 1 euro. Since then, the cooperation of partners has developed: first, a joint venture Yandex.Money was launched, then German Gref joined the board of directors of Yandex, and last year the partners launched the online store Beru on Yandex.Market.

The idea of ​​transferring “Yandex” to the state administration has been repeatedly expressed by officials and security officials. Meetings on this topic were held at the highest level. The reason is a large media activity and the inability to control the system, says a person who knows about this from another official. “There is a process [of taming Yandex”, ”he concluded.

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