Yandex (YNDX.O), a Russian internet company, announced Thursday that it would retain its Nasdaq Stock Exchange listing if it restructures and sells its Russian division by 2023.
Yandex, known as “Russia’s Google,” is making headway on a corporate reorganization plan to divest ownership and management of core, Russia-based businesses in one of Russia’s biggest corporate deals this year.
Last month, three sources told Reuters that Russian billionaires Vladimir Potanin, CEO and largest shareholder of metals giant Nornickel (GMKN.MM), and Vagit Alekperov, co-founder and major shareholder of oil giant Lukoil (LKOH.MM), are among the bidders for assets valued at $14 billion.
Yandex’s Dutch-registered holding company Yandex NV, whose shareholders are mostly Western investment groups, might profit $7 billion from a total sale due to Kremlin rules that require foreign companies leaving Russia to sell their assets at a 50% discount.
Yandex, which has received several investor bids, said the Nasdaq hearing panel informed it of its listing decision on June 6.
“(The decision is) subject to certain conditions related to the timing and implementation of Yandex’s proposed corporate restructuring, including the divestment of ownership and control of a number of our core businesses, including all Russia-based businesses, by the end of 2023,” it added.
Yandex maintained the Feb. 28, 2022, trading halt. Its Moscow-listed shares rose 2.5% at 0823 GMT, surpassing the market.
Ozon (OZON.O), a Russian e-commerce company, said Nasdaq rejected its delisting request late Wednesday. The business stated trading in Ozon’s ADRs would be paused on Thursday but not delisted until the appeals process is complete. It will appeal.
March appeals included Headhunter (HHR.O) and Qiwi (QIWI.O).
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