Frank Media: VTB is discussing exchanging its stake in Fortenova for Yandex shares

Group VTB is discussing the exchange of its stake (about 7%) in the largest retailer in the Balkans, Fortenova Grupa, for Yandex shares. About this with reference to two sources close to different parties to the transaction, writes Frank Media.

According to the publication, the deal has already been discussed for several months. The interlocutors also said that the Croatian authorities contributed to obtaining permits from the European Commission and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).

According to the source, Fortenova planned to buy Yandex shares from Western investors, including American investment banks and hedge funds, after which they would be exchanged for a stake in the retailer itself. “VTB All that remains is to “drag” the share in Yandex into Russian territory,” the interlocutor clarified. He added that the bank agreed that the transaction would be carried out at the par value of the former debt.

Share in Fortenova VTB received to pay off the company’s debts for 350 million euros, as well as Sberbank, who were the company’s largest shareholders (50.4%). After state-owned banks fell under blocking sanctions from the US and EU, the company launched a “sanctions protection mechanism” in June 2023, according to which shareholders who were under restrictions cannot own more than 50% of the retailer’s shares. Otherwise they will lose their voice. Sberbank sold his stake in November 2022

“Yandex“Did not comment on this information. Vedomosti sent a request to VTB.

In May “Yandex” reported, which received applications from potential investors to purchase shares in the company. The head of VTB, Andrei Kostin, admitted that the bank could become a participant in a consortium of investors to purchase a controlling stake in the company. In June, he noted that VTB would not take part in the deal.